The threat to the bulls is likely to come from the FIIs who have turned into sustained sellers.
Asian stocks are trading mixed on Monday as investors look ahead to the release of quarterly earnings by HSBC.
Religare is bullish on HDFC Ltd with a price target of Rs 3,000 per share.
F&O expiry, Q2 earnings, IPOs will dictate the trend of the stock market in the forthcoming week
Contracts based on NSE's Bank Nifty Index are also to be traded on SGX
The equity market may struggle to hold its footing next week and is likely to stay range-bound.
Corrections were seen in stocks that were highly overvalued without any fundamentals justifying the high valuations.
Nifty Realty index stood tall with gains of 2.56%, while Nifty Bank continued its upward trend and scaled to a fresh high of 40,587.
Sensex jumped 126 points or 0.21% to 61,050 while the Nifty 50 index was quoting at 18,230 higher by 52 points or 0.29%.
S&P 500 posted a record closing high on Thursday, helped by gains in consumer discretionary and technology shares, while U.S. Treasury yields jumped.