"Market is likely to be in a range-bound zone in the near term. FIIs have sharply reduced their selling this month and have turned buyers to the tune of Rs 872 crores in the cash market, so far in February, despite the high US bond yields. This indicates that FIIs are unlikely to press big selling pulling the market sharply down. Because of this favourable market construct, dips are getting bought, aided by sustained flows into the market.
The present range-bound consolidation phase is likely to continue for some time in the absence of strong positive or negative triggers.
The market resilience will be supported by strong stocks like RIL, Bharti, and auto stocks particularly Tata Motors, M&M and Bajaj Auto which have emerged as strong leaders in this phase of the market."
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