New Delhi, Dec 6 (IANS): Even though the undertone is bullish, the market is likely to consolidate in the near-term since up moves will be countered with profit booking by DIIs and individual investors who are sitting on big profits, says V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Dips will be bought by FIIs who have emerged as sustained buyers. The continuous decline in US bond yields (the 10-year yield is now below 4.20 per cent) will ensure FII buying, he said.

Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher said Nifty continues to surge ahead making new record high crossing the 20,850 zone with trend maintained strong powered by frontline stocks like ICICI Bank, M&M, HDFC Bank and RIL which can further pull the index to new heights.

The index has gained significantly almost 11 per cent in the current swing and has further upside potential with 21,000 level visible in the coming days. The support for the day is seen at 20,700 while the resistance is seen at 21,000, Parekh said.

BSE Sensex is up 281 points at 69,577 on Wednesday.

Adani Group stocks continue to surge with Adani Total Gas up 18 per cent, Adani Green up 13 per cent, and Adani Energy up 12 per cent.