Nifty to retest 10,780; L&T may offer good upside in short term
The Nifty ended Monday 0.92 percent higher at 10,715.50. A positive opening accompanied by follow through buying led to the benchmark closing with a bullish body candle. A spectacular recovery from the day’s low of 10,636 and close above the critical resistance placed at 10,700 is invigorating for aggressive bulls.
Considering strength of the primary trend, we prefer a buy on dips strategy as of now. The downside critical support for the Nifty is now placed around 10,700 and 10,640 levels. End of the day candle pattern suggests the index may challenge its upside resistance placed around 10,780 levels.
No comments