Benchmark Nifty has made a new lifetime high above 17,400, however, some profit-booking deprived the index to give a close above this level.

The formation of a doji candle on September 6, which signifies indecision in the market, followed by another doji on September 7 suggests consolidation in the near term is a likely scenario and Nifty can trade within a broader range of 17,450 to 17,200 in the coming few days.

The trend, however, still remains positive therefore a buy on dips strategy is still the best strategy at this juncture.

IT, FMCG, capital goods, real estate and consumption are the sectors that remain positive and are expected to push the index higher.

Nifty Bank underperformed Nifty on September 7, after showing some strength in the last week. However, it is still in the positive territory above 36,200 which is expected to offer strong support.

Nifty Bank may witness buying in the near term after it has seen a small correction.

We recommend a buy around 36,200 for the target of 36,800-37,000, maintaining stop loss below 37,000.