Fresh momentum is possible only above 9,710 and on the downside a move below 9,560 would lead to a breakdown from recent consolidation.
The current breadth is narrowest in the market, says Sanjiv Bhasin of IIFL, so market is definitely going to see weaker days in the month of July.
In a bull market either you can count the risks or you count the cash, says Basant Maheshwari of Basant Maheshwari Wealth Advisors.
Watch the interview of Devang Mehta of BNP Paribas Wealth Management with Surabhi Upadhyay and Ekta Batra on CNBC-TV18, in which he shared his readings and outlook on the market.
The expert believes that there is no valuation comfort in most businesses and going forward, the market breadth will collapse and individual stocks will be in focus.
On lower side, Nifty has strong support near 9550-9530 any dip will be good buying opportunity.
Dharmesh Shah expects the index to continue the consolidation between the broad range of 9500 and 9750 amid stock specific action.
Pramod Gubbi said farm loan waivers could spoil the credit culture of the country.
The market is an uptrend but a weak one. it is not a market that is ready to shoot up, says Ashwani Gujral.
Farm loan waivers not only spoil the credit culture but the states going for this scheme may not be financially able to support it, says Mukul Kochhar of Investec Capital Services.
There is a structural issue in the IT space and the pain may take the time to go away.
The level of 9,700-9,720 will be the immediate resistance above which uptrend would confirm and the market will remain upside for over short to medium term.
It would be safer to play stocks like HDFC Bank, ICICI Bank, which may not correct in case there is a fall, Abhimanyu Sofat of IIFL.
On the basis of SMA, Nifty is trading above its 20-days EMA. Further, a strong support level is seen at 9,555 while the resistance will be tested at 9,709 level.
And for the fourth coming week, if Nifty50 manages to close above 9,600 levels in immediate trading session then short term outlook shall turn positive and Bulls can once again make an attempt towards 9,700 levels.
The earnings are unlikely to improve by next quarter but people are expecting earnings to turn up in the second half of this year. And, that is what market is hoping for.
Globally, the biggest risk is slowing China, and if they have stated that they are buying US treasuries, it means they are likely to depreciate their currency said Andrew Holland, CEO, Avendus Capital Alternate Strategies.
One should expect volatility and resistance on the upside, said R Sreesankar of Prabhudas Lilladher.
As much as 60 percent of the earnings are either got to do with global commodity stocks or global commodity companies.
Any fall below 9,560 would cause a downside shift continuation in the orbit.
Mitessh Thakkar of mitesshthakkar.com says the Bank Nifty is likely headed towards 23200 to 23150 on the downside.
PSU banks have seen huge rerating, which tells you that valuations have factored in some amount of NPA resolution, said V Srivatsa of UTI MF.
Gautam Shah of JM Financial is still optimistic about the market in this consolidation phase. He is very optimistic on auto sector, while wishes to stay away from IT and pharma.
The near-term risks to the economic outlook appear roughly balanced, but the committee is monitoring inflation developments closely, the FOMC stated, Amar Ambani said.
Any dip towards 9,530 levels will be good buying opportunity while breaking above 9,710 levels will lead in strong short covering.