The Nifty 50 had rallied 1,500 points in 15 trading sessions, from the September 30 low of 24,587, to last Thursday's high of 26,104. It was only par for the course that buyers exhaustion would emerge at higher levels, as it did starting Thursday afternoon. The index has already come off 300 points from last Thursday's intraday high.

Trading is likely to resume in full swing after the Diwali festivities last week, which resulted in a truncated week. The Nifty has a lot to react to when trading resumes on Monday, including results from Kotak Mahindra Bank, fund raising announcements from Ola Electric, a positive handover from Wall Street after a delayed inflation report, and other results that were reported after market hours on Friday.

The upcoming week is an dominated by earnings. More

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