The week ended July 2 was probably the dullest week in the last 15 months that our markets experienced.

There are instances when key indices witness some consolidation and trade in a slender range, but mostly during such times, the action continues in individual themes and there are ample opportunities available in the market to keep traders engrossed.

Barring last Friday, stock-specific moves were missing throughout last week which was frustrating for momentum traders.

We managed to hold the crucial support of 15,650. As long as 15,650 – 15,450 are held, the bulls have no reason to worry about.

On the upside, reaching the new milestone of 16,000 has become challenging and the market seems to be waiting for some sort of trigger to reach that level.

Before this, 15,800, followed by 15,900 are immediate hurdles.

Some positive movement last Friday has raised hopes that the benchmark index may head higher towards the new millstone this week. But we reiterate, if it has to happen, the banking space needs to come out of its slumber.