DSIJ Mindshare

Nifty is likely to continue its uptrend towards the level of 10,660, whereas any retracement may find support around Monday’s opening upside gap area (10,566-10,588.50) followed by 10,550.

Key benchmark indices are expected to extend their upmove on Tuesday as leads from Asian markets are supportive. The SGX Nifty indicates that the Nifty could open around 10,660 level with gains of 28 points at the opening bell.   

As long as Nifty holds the low of Friday, i.e. 10,520, the bias would be positive and buying on dips would be an ideal strategy for the traders. On the upside, targets likely for the day would be 10,600, followed by 10,640. In case the Friday’s low of 10,520,is breached, Nifty is likely to extended its correction up to the level of 10,480.  

Indian shares are expected to extend the jubilant mood with a positive start on the back of bullish global cues. The SGX Nifty suggests that the Nifty could open above 10,600 landmark with gains of 41 points at the opening bell.   

Going ahead, a sustainable move above Thursday’s high (10,513) will help the index to reclaim its all-time level of 10,552, followed by 10,600. On the downside, immediate support is seen at the levels of 10,440, followed by 10,390-10,400.