Nifty falling below 10550 - 10600 will confirm bearish trend and would lead to more downside. Last few months range-bound price movement is going on in Nifty. The range is from 10600 to 10900 on a closing basis. 10550 also forms the opening price for the year 2018. Technically it gets major support at 10500 if broken Nifty to soon be hitting the target of 9850 - 9900 which is another major support. In a tight range movement in the stock market, traders may feel the heat because of the lack of movement and investors' patience will be tested.
Oil prices rose on Wednesday after top exporter Saudi Arabia said it would cut crude exports and deliver an even deeper cut to its production. This could also result in profit booking at higher levels. Stay away from crude until clear direction.