A morning walk down Dalal Street | Nifty can move higher if it sustains 10,993; focus of largecap stocks

Bulls failed to take control of D-Street as bears took control in the afternoon trade. It was a day of consolidation post Tuesday’s big rally.

A day ahead of expiry, Sensex ended 109 points lower while the Nifty50 closed 13 points down at 11,053. Sectorally, Metals, Realty, Capital Goods stocks rallied while selling was seen in IT, FMCG, and auto stocks.

US Fed verdict on rates will have bearing on markets when trading resumes on Thursday for markets across the globe. It looks like Nifty has found a durable bottom near 10,866.

Focus should remain on the largecap stocks which can rise further on the back of short covering, suggest experts.

Ahead of the September expiry, Nifty rollover stood at 43 percent. Remember, it was 68 percent in the beginning of September series, and 73 percent for August series.

For Bank Nifty, the rollover is lower than Nifty, it is around 36 percent rollover as of September 26, compared to 65 percent in the beginning of September series, and 77 percent in August series.