A morning walk down Dalal Street | Initiate longs for target of 11,690 with stop loss below 11,500 on closing basis

Bulls bounced back on Monday thanks to positive global cues, Infosys Q1 results and ease in WPI inflation to a 2-year low also helped the sentiment.

The index reclaimed 11,600 in intraday trade but selling pressure at higher levels pulled the index lower.

The benchmark index was also largely supported by a handful of heavyweight stocks like Infosys along with other tech stocks and Sun Pharma.

In terms of sectors, the S&P BSE IT index rose 3.5 percent thanks to 7 percent rally in Infosys, followed by the S&P BSE Healthcare index that was up 0.7 percent, and the S&P BSE Auto index that rose 0.29 percent.

The sentiments are likely to remain weak in the near term especially in the midcap and smallcap space. In terms of technicals, the Nifty could take support from 11,400-11,500 range and consolidate around the current levels.

The rupee gained by 15 paise to close at 68.54 against the US dollar, thanks to the rise came due to gains in domestic equities and weakness in the greenback overseas.