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The Nifty closed 0.54 percent higher for the week-ended July 6 amid fears of a trade war between US and China and a depreciating rupee versus the dollar. The index closed above most of its crucial short term moving averages such as 5, 13, and 50-day exponential moving average (EMA) on the daily charts.
It failed to hold on to its crucial level of 10,800 and closed marginally above 10,770. Most analysts advise investors to wait for a breakout on either side before initiating fresh positions. But the way declines are getting bought into the downside remains fairly limited, they added.
“The market is yet to confirm a clear direction as the consolidation continues within recent boundaries. We would rather be comfortable becoming a follower and waiting for the decisive move outside the range.
On the upside, 10,820–10,840 are the levels to watch out for. On the flipside, 10,725 followed by 10,677 are likely to act as important support levels.
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