A morning walk down Dalal Street | Nifty likely to face pressure around 10590-10620, focus should be on consumption stocks

After falling over 1 percent in the week gone by, bears maintained their hold on D-Street and pushed Sensex and Nifty lower by another 1% on Monday.

The S&P BSE Sensex closed below its crucial support at 36000 while Nifty50 broke below 10700 levels. As we approach expiry and Interim Budget, volatility is likely to increase further. 

The news of possible widening of fiscal deficit and continuous outflow of foreign funds further dented the participants' mood. Traders should align their positions accordingly and prefer hedged trades, suggest experts.

Nifty likely to face pressure around 10620 - 10590. The Highest OI for the month stands at 10500 in terms of Put OI, and 11000 in terms of Call OI, options data showed.