A morning walk down Dalal Street: Short term outlook remains positive

The July series closed on a strong note with Nifty gaining nearly 600 points. Nifty future rollovers stood at 74 percent which is higher than the 3-month average of 66 percent

Once the index closes above 11,172, the bulls are likely to take charge. On the way down, 11,113 – 11,078 will be a crucial support zone in the near term. 

Any minor pullback towards the support zone shall be considered as buying opportunity.

Since the short-term trend is bullish, buy on dips shall be the preferred strategy for the short-term target of 10450. 

The short-term outlook remains positive as long as it does not close below 10,850.