A morning walk down Dalal Street: Nifty may consolidate around current level, maintain buy on dips approach

Another day of record highs for markets but the momentum fizzled out slightly towards the close. But, benchmark indices did manage to hit a fresh record closing high.

What really stood out for was the listing of HDFC AMC. The stock eventually closed with a gain of 65% on the issue price at 1,100 at Rs 1815.95. 

The beginning was upbeat but profit taking in index majors capped upside as the session progressed. Noticeable buying interest in midcap and smallcap pack kept the participants busy.

We may see some consolidation in Nifty around the current level prior to further rise. However, there'll be no shortage of trading opportunities on the stock specific front, thanks to prevailing earnings season. 

Traders should stay with the trend and maintain "buy on dips" approach.

The Nifty has potential to tap at the short-term target of 11450. If the bulls manage to surpass the level of 11450 on closing basis then they can ride the trend further till 11640. 

On the other hand, 11368-11336 shall act as an immediate support area with crucial support at 11,234.