The bulls are maintaining their tempo lifting the Nifty 120 points on Monday. The Index moved between an intraday high of 11037 and a low of 10960. HDFC Bank, Britannia, Bajaj Brothers, and UPL led the rally at the beginning, whereas IT companies Wipro and Infosys joined the rally in the last session. Also Read: Investment Ideas for retail Investors: Thematic Investment Apart from Nifty Pharma, all other sectors ended up in the green zone. Background: Bulls are dominant over the market for the last four days. Nifty hasn't shown any strong correction since Mid-June, which is a matter of worry. Reliable results posted by IT sectors lead to the current uptrend. Banks have entered into the run with HDFC Bank opening the results with positive figures. Technical Analysis of Nifty: A Doji kind of candle is formed on the daily chart of the benchmark Index. We can see a strong Resistance level at 11624, whereas support is present at 10612 and 10316 levels. Fibonacci Retracement Tool shows that the market needs to move down to 10250 levels for a further healthy uptrend. WatchList: Bajaj Finserv, Bajaj Finance, Bajaj Auto, Axis Bank, HUL, Jindal steel, Asian Paints, ITC, ZEEL, and ICICI Bank are expected to declare their results this week. These stocks constitute roughly 25% of the Index by weightage. So, we can see some movement in the Index with their results. Authors Views: Technical Indicators are not used for Analysis as I am trying to define a long-term perspective for the market. Here, as per my view market needs correction before moving further upwards. Results of Automobile, FMCG, and Pharma sectors play a vital role in deciding the further part of the market as a whole. Also, we haven't seen profit booking in IT sector stocks as well as Financial sector stocks. As per my views, a correction can be witnessed in the last week of July or the first two weeks of August. Traders with short term goals should use this opportunity to book profits and wait for the correction to take new trades. Also Read: Beginner\u2019s Guide: Introduction to the Stock Market F&O traders can use this opportunity to buy Puts with August Expiry (there is a potential risk of value degradation, so trade wisely) Disclaimer: This Article is written for informative purposes. The Author is not a SEBI registered Advisor. Investment in Stock Market includes risk. Readers are advised to research before investing in markets.