Nifty is trading above 7200 for last seven trading sessions now during which it made an all time high of 7563 on 16th May & today it almost tested the all time high in the morning & then corrected sharply to close at 9359.
Although nifty closed almost 150 points below the intraday high, uptrend is still intact for the premier index as long as 7200 is not broken. However there are sighs of correction but those are not confirmed yet. So any dip should be used to initiate long positions with 7200 as a stop.
On stock specific L&T, M&M are still looking good for long positions & Wipro & IDFC are weaker stocks in the index so should be used to initiate short positions.
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