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Indian equities consolidated on Friday with nominal gains of 1.55 points. In our previous weekly note, we had mentioned that we do not expect any significant weekly gains given the overbought nature of the market. In line with this, the benchmark Nifty 50 ended the week with minor gains of 27 points, or 0.29 per cent.
In the coming week, we do not expect any runaway rise in the market. The overbought indicators and the expiry week will dominate the directional bias that the market may show. We expect minor corrective actions with limited downsides and consolidation to continue through the coming week. The 9,490 and 9,550 levels are expected to pose stiff resistance. Supports are expected to come in at 9,350 and 9,280 levels.
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