All eyes on crucial FOMC meet next wk

The story looks the same: buying the dip strategy has worked in the past, and it continues to work, but it is dangerous to believe that every single dip in a bull market will get bought because, at some point in time, it could reverse and when it reverses it doesn't announce and come but taking a quick snapshot view, where are we at, the setup over the last few weeks looked a bit exhausted and up days were not as strong in terms of momentum and participation.

- Motilal Oswal Team

In fact, the down days last week were stronger, indicating a battle between domestic liquidity, valuations and global headwinds.

This week began with benchmark indices Nifty 50 being in the 150-180 pts +/- range, but it was the weekly expiry session that came out of the blue that changed the texture of the market, new all-time highs on the Nifty and the Sensex, with Sensex crossing the 83,000 milestone and Nifty crossing 25,400 levels.