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Festivities add cheer to Indian equity markets Markets saw a sharp recovery in truncated week closing with gains literally every day of the week. Benchmark indices finally ended the week with sharp gains boosted by strong numbers by IT companies largely driven by Infosys, and Wipro. Nifty closed the week with 2.48% gains at 18,338, up 444 points, and Sensex at 61,305.95, up 1247 points or 2.08%.

Nifty is trading below the level of short-term moving averages on its daily chart and made a closing below the level of 100 SMA with "Bearish" candle. On the weekly front, the index made a "Bearish" candle and is trading near the level of the short-term moving average. If you combine both data points, it looks like further consolidation may be on the cards. However, you can expect some stock-specific rally.

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