A morning walk down Dalal Street | Stay positive as long as Nifty trades above 10,700 on closing basis

Nifty managed to recoup 10800 levels on a closing basis and closed above most of the short-term and long-term moving averages on Monday. A big thumbs up to the bulls.

Coming to the final tally – the S&P BSE Sensex rose 130 points to close at 35,980 – yeah, just a shade below 36000. For the Nifty, the index closed 30 points higher at 10,802. 

Sectorally, PSU banks remained in limelight. NiftyBank rose more than 200 points on account of improving NPA resolution along with capital infusion. Apart from that, healthcare and Telecom index rose 1 percent.

Technically, on the downside 10628 for Nifty is important critical support. Traders are advised to remain positively biased as long as Nifty50 trades above 10700 on a closing basis.