Stock picks of the day | Support for Nifty shift downwards to 10,780-10,675 level

Markets consolidated for yet another week but somehow managed to gain over a percent. Weak IIP data and not so encouraging global cues led feeble start however, it rebounded sharply in the following session, thanks to easing retail inflation and rebound in global indices.

The market has been hovering in a range for nearly three months and we expect this phase to end soon. As quoted in our previous posts, a decisive breakout above 10,950 in Nifty would push the index towards 11,100 and indications are strongly in the favor of a breakout this time. 

On the downside, the support has now shifted towards 10,780-10,675 zone. We advise participants continuing with a stock-specific trading approach in the meanwhile and maintaining positions on both sides. Also, keeping close watch on earnings announcements and global markets for cues.