The overall trend is still strong and a breakout above 17,500 would reinforce the bulls to start an afresh rally towards 17800.
Traders are advised to continue with the stock-specific long approach as long we hold the mentioned support levels and keep booking timely profits.
"I do see the Nifty inching higher to 17,500 and then again seeing profit booking at those levels. So it is a buy on dips on the Nifty," he said.
If all cards fall into place, market watchers believe that it all adds up to a good topline for companies in the foreseeable future.
Kranthi Bathini of Wealthmills Securities in an exclusive conversation with Money9 picks the right stocks for you
Axis Securities highlighted that even in the mid and smallcap space, quality stocks have outperformed the non-quality stocks by a significant margin.
A 200-300 point correction for the Nifty will be healthy at this stage as it will ensure the bulls come back stronger
Globally markets have taken a breather from the risk-on mode. India too is likely to follow suit.
Key equity indices BSE Sensex and NSE Nifty ended flat after a volatile trade on Wednesday, tracking negative global cues.
All sectors barring the banks and financial services slipped in the red.