It could be the beginning of a larger trend.The domestic equity market witnessed cracks in its uptrend. Traders should be cautious in trading on the long side.Mahindra Logistics, one of the IPOs that didn’t impress the stock market, made stock market debut with virtually no listing gains. Such high valuation usually coincides with bull market tops.New India Assurance will list in the coming week, which too is expected to list below issue price. In the medium term, the market will remain under pressure due to high valuation. Long-term investors should not allocate fresh funds, but selectively book profits.The Nifty50 closed the week at 10,321, down 1.25 per cent.

Source: Economic Times November 11, 2017 08:14 UTC