Dalal Street Week Ahead: Time to get cautious & defensive after Nifty’s swift runup

From a technical standpoint, the previous week has created a gap. In the process, the index has shifted its support zones higher in the range of 20,450-20,550 levels from 20,000. The Nifty has also closed above its upper Bollinger band. Even if there is a temporary pullback inside the band, the markets may further their uptrend even with the possibilities of some consolidation at current levels.