||Last week the NIFTY closed at 8821.70 registering a gain of 0.32% compared to last week. We saw a lot of movement in the markets last Friday but towards the end the NIFTY closed forming an indecisive candlestick pattern. The NIFTY is just a few points below the all-time highs of 9000 and it would need a lot of strength to overcome the resistance level of 9000-9050. One trigger for it to break this resistance would be a strong mandate for BJP in the ongoing UP elections. This would help the BJP have the necessary number is Rajya Sabha which should lead to further stronger reforms. However, for now we expect the NIFTY to correct and consolidate given lack of any triggers. A correction here indeed would be very good for the markets as far as the current valuations are concerned. We should all be a little cautious and defensive till the election results are out. Any setback to BJP in the UP elections would be taken negatively by the markets. Let’s have a wait and watch approach for now. All the best!