Anand Rathi: Undertone remains bullish

According to Anand Rathi Securities, there has been some amount of profit booking taking place. FIIs also continue to show the same trend, indicated by their selling to tune of Rs 166.51 crore.

Implied volatility has come down significantly indicating undertone in
market is still bullish.

The only thing one has to see is how much profit booking is still left. A lot of it emerging at current levels, indicates a lot of position shedding, both in front liners as well as mid-caps.

However, with the short term indicators still holding positive, it shows that the undertone of market is still positive and this is merely profit booking.