rich 1.0 The Nifty consolidated in a price range for the sixth consecutive day on Thursday as the range got further narrowed between 11,085 and 10,930 levels. The range also happens to be near the all-time high level of 11,171. This is a tug of war between the bulls and the bears and it looks like the bears will fight to take advantage of this consolidation in the medium term. The Nifty is well supported at 10,880–10,900 levels, which happen to be its previous swing high and may provide support to bulls as well. The decline is due to sectorial weakness that is persisting in various heavyweights. The indices and sectors that were leading the rally such as financials, private bank, and energy have been trading sideways while early contributors to rally such as automobile and FMCG have been lagging. The rally is based on participation from heavyweights such as Reliance Industries, ITC, HDFC, Hindustan Unilever, HDFC Bank and Bajaj Finance, which have seen some profit booking. Global trade war and supply-side constraints in crude would pin the bullish sentiment since breadth is shallow. The ongoing monsoon session will start with a debate on the no-confidence motion, which has been another sentimental negative factor for traders. We expect the Nifty to take support at lower levels of 10,900–10,880 and sustain there. On the other hand, a close below these level will violate the bullish undertone in the short term. Moneycontrol Podcast https://audioboom.com/channels/4937727-moneycontrol-podcast Audioboom https://audioboom.com 480 95 https://audioboom.com/i/33131909/600x600/c 600 600 <iframe width="100%" height="95" src="https://embeds.audioboom.com/posts/6939600/embed?v=202301" style="background-color: transparent; display: block; padding: 0; width: 100%" frameborder="0" allowtransparency="allowtransparency" scrolling="no" title="Audioboom player" allow="autoplay" sandbox="allow-downloads allow-forms allow-popups allow-same-origin allow-scripts allow-storage-access-by-user-activation allow-top-navigation-by-user-activation"></iframe>