TRADE IDEA ON MINDTREE FUTURE FOR 06 OCT 2016

“BUY MINDTREE ABOVE 505 TGT 513/530”

“SELL MINDTREE BELOW 495 TGT 487/475”

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After showing correction from the higher level, now stock is trading in short term recovery phase, it is likely to continue the upside move in near term with the crossing of the resistance level of 505 as the stock is managing to sustain above the level of 500. One may get the targets of 513,530 in the stock with the stop loss of 495. Where one may initiate the short position below 495 in it for the targets of 487,475 while stop loss can be placed at 505.

Global cues drag,Nifty below 8,750
Sensex ended today’s trading with a loss of 114 points at 28,221. It opened at 28,426, touched an intra-day high of 28,478 and low of 28,189.The  Nifty closed with a loss of 25 points at 8,743. It opened at 8,806, hit an intra-day high of 8,807 and low of 8,731. Markets made a firm opening today on news that the International Monetary Fund (IMF) raised projections for India’s economic growth by 0.2 percentage points to 7.6% for 2016-17 and 2017-18. Today’s major decline was led by banking, IT, finance, oil & gas, teck, and energy, stocks; while realty, telecom, industrial, FMCG and metal stocks were among the gainers.
TOP GAINERS:  Tata MotorsDVR, Bharti Infratel, BPCL, UltraTech Cement, Eicher 
TOP LOSERS:  ONGC, Axis Bank, Adani Ports, Idea Cellular, Kotak Mahindra Bank