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The market is expected to be driven by stock-specific actions in the coming days. Short-term traders may focus primarily on large-cap stocks and should avoid small-caps.
Nifty is expected to oscillate around 21,950 within a range of 75 points. A negative tilt is anticipated until it remains below 22,050. For Bank Nifty, the expected expiry range is between 45,800 and 46,200-46,300
The caution is advised as certain sectors appear to be in overbought territory potentially setting the stage for profit-booking. This could notably impact mid and small-cap equities, says Om Mehra, Technical Analyst, SAMCO Securities.
After the rally in public sector banking shares , market participants looking out for other sectors to invest in, said analysts
Broad-based selloffs pushed Sensex and Nifty 50 down for seven days in row. Smallcap stocks were under pressure. Banking stocks outperformed benchmarks but could not offset the bears due to steep selloffs in IT, auto, and healthcare stocks.