||Last week the NIFTY closed at 8349.35 registering a loss of 0.61% over previous week. Such a correction was always around the corner after the decent rally we saw. Now, for the markets to break out above 8400-8500 with strong volumes, the banking sector needs to perform. This sector seems to be directionless for now. A stronger FII participation is also required. The markets have their eyes glued to the quarter earnings and also fresh policies from the new US president. Let’s see how things unfold. The budget is around the corner and we do not expect much activity in the markets till then. The market participants seem to be in the wait and watch mode. The week also marks the end of the JAN F&O expiry so volatility will prevail. The NIFTY, if corrects further can test 8200-8250. Strong resistance can come around 8500. Wait and watch should be our philosophy for now. All the best!