A morning walk down Dalal Street | Keep a close eye on global development & prevailing earnings season

Indian markets closed lower on Monday dragged down by weak global cues as well as fall in currency which touched a fresh all-time low of Rs 69.89/USD.

Growing economic crisis in Turkey shook investor confidence; however analysts’ are suggesting investors to buy this dip as Nifty holds above crucial support levels. 

For momentum to continue on the upside, Nifty50 has to hold above 11400 levels.

The decline is due to external factors which would be short-lived and traders should continue with "buy on dips" approach. 

It is healthy to have such corrective phase as it eliminates weak hands. However, it also causes trouble to traders as stock selection and position management become difficult.

Investors are advised to keep a close eye on global development along with prevailing earnings season for cues, suggest experts.