It was a choppy session on Dalal Street. After a promising start, the indices came under a bout of profit booking and shaved off most of the day’s gains. The Nifty closed flat at 4,620 points up 1.40 points, while the Sensex shut shop at 15,795 up 63 points.

The markets ended on a flat note after a fairly volatile session. The boarder markets ended in the red with a weak breadth. In the F&O segment, the turnover was the highest ever at Rs 64,281 crore.

IT, capital goods and IT stocks ended higher. However, selling pressure was seen in auto, FMCG, and pharma stocks. Meanwhile, Reliance Energy, Satyam, BHEL, NTPC, and HDFC Bank closed in the green.

Commenting on the volatility in the market, Rajat Bose of rajatkbose.com said that if one were a bullish trader it would be better to be long. He feels that investors should learn to live with this volatility. “This volatility would continue. We have seen this kind of volatility earlier. I would not like to go short in this market until I see the Nifty breaching 4,585.”

According to Bose, on the upside, one should not question the market so long as the uptrend in on. “Put a level below which you would actually quit your longs, but whether one goes short or long remains to be seen,” he said.

“As of now, there is no point in being long in this market below 4,585 levels. On the other hand, if the Nifty were to trade above 4,640, then I would be expecting 4,672,” Bose said.

Ambareesh Baliga of Karvy Stock Broking feels the market may touch 16,000 anytime soon. “It looks like the market is still on its way up. I think 16,000 is possible anytime now, may be in the next one or two days before expiry. Till the expiry, we are in the safe zone. It could be volatile but the markets are clearly headed upwards,” he added.

On whether he would like to convert to the bull camp, Baliga said, “ When a bear turns into a bull that’s the end of the rally.”

K Ramachandran, Head-Advisory Desk, BNP Paribas, said the Indian market seems to be showing delayed action, given that it has been underperforming global markets for a long time. “There are areas of concern on the current uptrend and one has to be pretty cautious as the market rally has been very narrow,” he said.

According to Ramachandran, global liquidity flows have been a major market driver. He feels that the Indian market is a late entrant to the party. “There are reasons to believe that probably the liquidity surfeit that we have seen is peaking at this point of time. There are definite risks that the tide may turn and the Indian markets may join the rests of the pack in its corrective phase,” he added.