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Nifty has rallied from 18,850 to 21,593 in the last two months. After this 2,700-point rally, the index closed with a indecisive candlestick last week. FII index longs have reached 65.5% level, which is near the upper range. Nifty is likely to trade volatile in the 20,950-21,600 range in the coming weeks.

Currency moves were largely muted in the day after Christmas, with markets in Australia, New Zealand and Hong Kong still out for the Boxing Day public holiday.

The dollar index fell 0.1%, making gold more attractive for other currency holders, while benchmark U.S. 10-year bond yields edged lower to 3.8913%.

Reliance Industries Ltd (RIL) and Walt Disney Co signed a non-binding term sheet in London last week to move ahead with plans to create India’s largest media and entertainment business, ET reported.

"Overall the mood of the market remains positive. We expect the market to remain range bound with stock specific action next week," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.

The PE ratio is calculated by dividing the price of a stock or an index by the earnings per share , or EPS, (net profit divided by the number of common shares outstanding). For example, if a stock is trading at ₹50 and its earnings per share is ₹10, then the PE ratio is 50/10=5.

To help them invest the corpus in a more efficient manner, which will ensure steady income, Wodehouse Capital has partnered with investment management firm Alchemy Capital to launch a first-of-its-kind W.I.N strategy. The strategy aims to create a steady income stream flow for wealthy promoter families while securing their current corpus.

The year started with the persistence of inflation at elevated levels across economies, continuing geo-political uncertainties and tightening financial conditions. The banking turmoil in US (Silicon Valley Bank) and Europe (Credit Suisse) increased risk aversion with the expectations of an early reversal of the monetary tightening cycle, leading to Equity markets to correct and softening of bond yields.

Both Nifty and Sensex lost about 0.5% each last week on profit-booking. "Overall the mood of the market remains positive. We expect the market to remain range bound with stock specific action next week," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.