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Rohit Singre of LKP Securities advised traders to book some gains near the 17,000 mark and go for fresh buying on any dip near the 16,850 level.

"If one reads Buffett’s annual letters from 1965 to 1994, that is where the actual Buffettology lies," market veteran Raamdeo Agrawal said.

A lot is written in the investing world about the ills of high trading frequency or churn in the portfolio. However, the other side of the equation also has some downside. This is called inertia or status quo bias caused by the Endowment Effect.

The Dow Jones Industrial Average rose 16 points, or 0.05 per cent, at the open to 35,471.8.

After falling 37 per cent in a single month in Mar’20, equity indices have since more than doubled to new highs. On the other hand, growth in economic activity managed to edge up into the positive territory in late 2020.

Bharti Airtel’s head Sunil Mittal today suggested that the time for tariff hikes was now and that the company’s average revenue per user will move towards Rs 200 per user per month within this financial year.

This month so far Nifty has gained 7.4 per cent, outperforming its peers. However, this surge in a single trading day has taken the indices to the overbought territory on shorter time frame charts.

The airline plans to garner up to Rs 3,600 crore through sale of shares, according to the Draft Red Herring Prospectus (DRHP). It also plans to raise up to Rs 1,500 crore by way of a pre-IPO (Initial Public Offer) placement.

The Nifty IT index closed 0.58 per cent down at 34109.25.

Nifty50 formed a strong bullish candle on the daily scale, making higher highs and lows on the lower time frame chart.