The ongoing rally in the market is slowly moving from broad-based rally to specific stock-driven rally, says V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
He added that in spite of the weakness in IT and banking majors, Nifty rallied by 24 points on Monday, driven primarily by RIL.
Bharti Airtel and Tata Motors also have been imparting resilience to the rally.
There are no major triggers that can take the rally much higher from the present levels. Global cues also are uncertain, he added.
Markets will be closely watching the CPI and PPI data from the US due on Wednesday and Thursday. This data will give an indication of the rate decision by the US Federal Reserve on July 26.
Q1 FY24 results of TCS and HCL Tech due tomorrow are expected to be tepid.
If the poor results lead to further correction in IT stocks that may provide buying opportunities in the segment.
IT majors have a great track record of successfully overcoming many crises, he said.
BSE Sensex is up 446 points at 65,789 points on Tuesday morning led by gains in Maruti, Powergrid, Bajaj Finserv, Sun Pharma and Hindustan Unilever.
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