Some consolidation or a minor weakness is likely in the next one-two sessions.
Any bounce towards 10,880-10,900 can be seen as an opportunity to initiate fresh shorts.
Investors may still welcome any tax cuts ahead of the festive season, said analysts.
At this juncture, the bulls appear to be in a slightly advantageous position than the bears.
On Monday, Brent futures jumped nearly 19.5 % to trade at $71 a barrel in Asia.
NSE Nifty is in the recovery mode and there are more legs to this rally on the upside.
In June, eight of every 10 of these schemes had logged negative returns.
Some analysts say this sector should grow at 20-30 per cent growth over next 3-4 years.
Nifty needs to surpass 11,111-11,141 range, else it may get stuck in a broader trading range.
Nifty needs to break above 11,054 before heading towards the crucial 11,100-11,180 range.
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