Analysts said Nifty50 is likely to see short-term consolidation. They advised traders to buy on dips.

Appearance of bearish candle with a close near day’s low for Nifty50 indicates possible consolidation to digest recent gains. Immediate trading band for Nifty is seen between 16900-17200 zone.

Midcap and smallcap stocks were high in demand. Zen Technologies ended the day on upper circuit, whereas RPG Life Science and ABB Power Products gained. The stocks part of F&O segment’s latest inclusion continued their rally.

On the Multi Commodity Exchange, crude oil for the September delivery traded higher by Rs 11, or 0.22 per cent, at Rs 5,037 per barrel in 4380 lots.

Realty stocks surged as few of them were included in the NSE’s F&O segment. Bank and media stocks also continued their rally. IT and metal stocks were under selling pressure.

In the Nifty pack, 25 stocks closed in the green, while 25 stocks ended in the red.

According to merchant bankers, there could be more SaaS players hitting the IPO street, given the huge investor interest in the sector.

This fund manager expects 36% one-year EPS growth from his portfolio that combines value and growth.

The Nifty Auto index closed 0.09 per cent up at 10043.9.

Nifty50 formed a bearish candle, but continued to form higher highs for the last four sessions.