Nifty is consolidating in a 500 points rectangle. Currently NIFTY pe is at 26.2 which is pretty expensive if earnings dont catch up in the ongoing result season.
On upside break above 10175 and a good earning season will take nifty to 10700.
On the other hand a bad earning season will take nifty to 9100 range (previous breakout level) where PE ratio of Nifty will also cool down.