A morning walk down Dalal Street | Expect consolidation in near term with stiff resistance at 11,100

A lackluster day for Indian markets. Rupee depreciation, higher crude oil prices and uncertainty on the Brexit front possibly weighed on the sentiments and capped the upside for Indian markets.

Both Sensex and Nifty closed flat but it was largely on expected lines because Nifty was already trading near key resistance levels. 

Going forward, the broader set up of the Nifty remains positive with some consolidation expected in the near term. 11000 is likely to act as big hurdle for the index.

With softer retail and wholesale price-based inflation, RBI is likely to change its policy stance to ‘neutral’ from ‘calibrated tightening’ in the February policy, according to a report from Kotak research.