More Consolidation Ahead For The Nifty: Navneet Daga

The Nifty 50 index continues to move within a tight range between 8,700 and 8,800. The India Volatility Index (VIX) was little changed and quarterly earnings have failed to provide a direction to major indices.

But are there factors that could pull indices out of their consolidation mode? Unlikely, according to Navneet Daga of India Infoline Wealth.

On Bloomberg Quint’s ‘Surf’s Up’ which tracks weekly trends in equity derivatives, he says there is little to suggest a sharp move on the indices for now. He is, however, bullish on select metal and oil marketing companies.

For more on what levels to bear in mind and stocks to watch, listen in.