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Stock calls and outlook on Nifty by Sameet Chavan, Chief Analyst- Technical & Derivatives, Angel Broking:

Consolidation despite a breakout from recent hurdles

Despite global markets showing some signs of recovery, last couple of months has been a period of consolidation for our markets. The price activity within this consolidation became lethargic as we saw overall trading range getting contracted in recent weeks. On Tuesday, we finally had a breakout from this congestion zone and thereby confirming couple of price patterns. However, things became more frustrating, as there were no follow up move seen post the breakout. In fact, in last three