A morning walk down Dalal Street | Nifty likely to consolidate with immediate support at 10,500

It has been a roller coaster ride for investors as back-to-back sell-off is seen in Indian markets has put bears on the driving seat.

The final tally on D-St – Sensex plunged 274 points to close at 35,199 while the Nifty50 ended 56 points lower at 10,600 levels. 

Weak global cues, as well as fall in crude oil price which is taken as a synonym for a slowdown in global growth, weighed on sentiment.

Fall in crude oil prices could augur well for the Indian economy as India imports a majority of its crude requirements and a decline in crude eases concerns on fiscal deficit, inflation and gives more room for the government to boost growth through spending on infrastructure. 

Analyst expect the index to witness some consolidation before resuming its uptrend towards 10900-11000 levels.

On the downside, immediate support is seen at 10500-10530 levels.