A morning walk down Dalal Street | Stay long on Nifty with stop loss below 10,440

A volatile day for Indian markets in fact when we started trading it looked like bulls would take control of the market, but rise in WPI inflation data sort of dented sentiment. Not to forget CPI data which was released earlier this week signaled a cool off.

IT & pharma indices witnessed selling pressure due to stronger rupee while stock-specific buying on the basis of quarter results and decline in oil prices supported midcaps to outperform. 

Final tally: the S&P BSE Sensex closed 2.5 points lower at 35,141 while the Nifty50 ended 6.2 points down at 10,576.

Well, it looks like the market is giving mixed signals, but experts suggest investors to stay long on the index with a stop below 10,440 levels. 

The index reversed gains after hitting levels between 10600-10650 for the fifth consecutive day in a row and now a close above 10,650-10700 is required for bulls to regain control over D-Street.