||Last week the NIFTY closed at 8693 registering a gain of 1.28% over previous week. It yet again respected our support levels of 8500 which was a positive sign. We all know that NIFTY is witnessing a strong time correction or consolidation between the 8500-8950. Till the time 8500 is not broken the trend will not turn bearish. However, do not expect NIFTY to be in a bullish trend i.e. breaking out above 8950 in the immediate term. It is likely to consolidate for some more time which is actually good for us in the long term. Consolidations are not very good times to take positions and hence all low risk taking investors should stay away from the markets. Wait and watch should be the mantra now. Others should opt for ‘Delivery’ recommendations only. This week marks the October derivative expiry and hence the markets are likely to be volatile. Staying away from the markets this week is the best thing to do now. All the best!