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ABOVE 361 TGT 367/375 SL 350”
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nifty settles
above 8,700
Sensex ended with a gain of 102 points at 28,179. The Sensex opened at 28,157, touched an intra-day high
of 28,257 and low of 28,076.The Nifty closed with a gain of 16 points at
8,709. The Nifty opened at 8,710 hitting a high of 8,737 and low of 8,684. The Indian equity
market spent the entire day in a narrow range after the recent slide and ended
higher on Monday.The first half was comparatively better;, but profit
taking in last two hours completely reversed the intra-day gains and pushed
index to neutral line. Some support also came with the Union Minister Arjun Ram
Meghwal’s statement that the country’s economy will grow 8% this fiscal, while
agricultural growth is expected to be over 4%.and Traders are already
under pressure due to excessive volatility in stocks due to earning season and
the upcoming expiry of October month derivative contract will further add to
the choppiness ahead. Technically,
If nifty sustained and move above 8,750 could extend the up move towards 8,800,8850;
hence long positions shall be maintained with a trail stop strategy below 8,600.A strong break (close)below 8600 will increase the downside
pressure and drag it to 8550,8500. Traders can go short on a break below 8600
with a stop-loss at 8750 for the target of 8500.
TOP GAINERS: ONGC, BPCL, Coal India, ICICI Bank, Tata Motors and Bharti
Infratel
TOP LOSERS: Idea
Cellular, Wipro, HCL Tech and Asian Paints
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