Dalal Street is expected to witness consolidation this week, following the completion of corporate results and improvement in global situation, analysts say.

“Market sentiments are definitely looking better than earlier but are overbought at present and they need to cool down a bit. Market are likely to consolidate this week before taking any direction,” domestic brokerage firm SMC Global Vice President Rajesh Jain said.

The market gained substantially in the past week with the 30-share benchmark BSE Sensex adding over 300 points to close at 17,600 on Friday last week, while S&P CNX Nifty ended up 62 points at 5,228.20.

Corporate India has posted decent quarterly results and even the major IT sector firms performed mostly in line with street expectations.