Reliance Securities on Tuesday said they expect Nifty around 10700-10800 levels in current series and around 10300 can act as a support.
The way the market has been set up for the last two months it’s been negative and the monthly charts show that Nifty is on sell mode and the pressure would continue, said Arun Kumar, market strategist, Reliance Securities.
"However, on a near-term basis on daily charts, we are looking at a buy signal. So we are looking at a counter-trend level," Kumar said.
Going forward, in medium-term around December the market may consolidate, he said.
Sectorwise, the house is not upbeat on banks, and for IT, the set up on monthly charts are bad and the stocks could correct, Kumar said.