Nifty has been consolidating over the last two weeks in the broad range of 11761 points and 11550 points after 11 percent rally in the preceding six weeks, as concerns regarding higher crude oil prices, below average monsoon, surfaced.

The S&P BSE Sensex closed at 38767 points, down by 95 points while the NSE Nifty closed at 11643 points, down by 23 points for the week. It was a mixed bag in the broader spectrum as the Nifty Midcap closed marginally lower by 0.4 percent whereas small cap indices closed the week higher by 0.9 percent.

It is being expected that the index may consolidate in the upcoming truncated week in the broad range of 10500-10800 points and form a higher base above 11500 points which will set the stage for the next leg of the up move.

Experts believe that in the current scenario, off October 2018 low of 10005, the Nifty has rallied more than 1750 points in the last 23 weeks, leading to a temporary breather near lifetime high.