Nifty started the week on a positive note after three consecutive weeks of gains to hit fresh record highs.

However, the market witnessed thin movement and was seen trading in a consolidation mode as traders shifted to stock-specific moves.

Derivative data suggests that the market is likely to follow consolidation mode in the upcoming sessions as well as both call writers and put writers are adding hefty open interest on both sides.

We expect Nifty to take a breather at the current juncture after a stunner rally and it may consolidate in a broader range of 15,600-15,900.

Traders should expect stock-specific action in the upcoming sessions rather than any sharp upside in the index. However, the bias is likely to remain in the favour of bulls and buy on dips strategy is advised.