For the time being, traders are advised to wait for a breakout above 11,700.
Analysts expect Sensex and Nifty to rise 7-13 per cent in the new Hindu accounting year.
"We expect the market to either remain sideways or witness more profit booking."
Few brokerages have projected RIL to become a $200-220 billion entity in next 4-5 years.
Investors would be keenly eyeing the stressed asset pool besides margin outlook.
The index is now a stone’s throw away from the September high of 11,694.
DHFL on Thursday reported a net loss of Rs 242 crore for September quarter.
Daily strength indicator RSI and momentum oscillator Stochastic have both turned positive.
Some say the tradition, which comes from the Gujarati community that once dominated trade.
For the time being, the market may slip into some sort of consolidation with a positive bias.
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