Key benchmark indices fell for the second straight day as investors booked profit after the recent sharp gains.
The Nifty maintained its support of 4,400 while Nifty futures closed at a premium to the spot, indicating profit booking by bull operators.
The market is in consolidation mode and the next support is seen at 4,360.
The buy-on-decline approach should continue for the upside target of 4,650 with stop-loss at 4,300 for trend reversal. Nifty July futures continue to trade at a premium as bears have been covering their short positions at lower levels.
The 4,400, 4,500 and 4,600 calls of the July series witnessed fresh buying when the index was around 4,400-4,420.
This means we may see fresh pull-back if the Nifty holds its support of 4,360.
Accumulate the stocks which displays good Q1 results.
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