A morning walk down Dalal Street: Upmove in Nifty should emerge on a close above 11,080

Clearly, there was nervousness on D-Street. The S&P BSE Sensex which hit a record high on Wednesday failed to gain momentum while on the other hand, Nifty closed below 11000 mark for the second consecutive day in a row.

Overall global markets traded lower due a mixed earnings season and global trade concerns. Weakness in domestic currency and uncertainty around No-Trust vote also played its part. 

The rupee on Thursday weakened past Rs 69/USD to close at another record low. The rupee ended at 69.05 a dollar, down 0.62 percent from its previous close of 68.62.

A breach below 10,900 may drag the index down by around 150 points, contrary to this, upmove shall emerge on a close above 11,080.

Traders for time being are advised to remain neutral and initiate positions in the direction of the breakout once it occurs.