The Indian equity market snapped a three-day losing streak and closed
marginally higher on Monday ahead of IIP data for August.The BSE Sensex ended with a
gain of 21 points at 28,082. It opened at 28,144, touched an intra-day high of
28,217 and low of 28,068.The NSE Nifty closed with a gain of 17 points
at 8,715. It opened at 8,735, hit a intra day high of 8,746 and low of 8,704.
Benchmark share indices ended flat amid lack of investor participation even as
gains in IT majors ahead of their second quarter earnings helped capped downside.
IT exporters emerged as the top gainers ahead of their earnings with Infosys scheduled
to announce its second quarter earnings on Friday, October 14, 2016. Infosys ended
up 1.7%,TCS gained 0.5% and
Wipro ended flat.
TREND
TURNS BEARISH.
Market is now playing out the Bearish Rising
Wedge breakout and is headed southwards. Interestingly markets closed below the
50dma, which has turned even the medium term trend to bearish. Nifty 8680 then
it will lead to another strong bearish pattern breakout, which will take the
indices lower towards the long term average of 200dma. A strong break
(close)below 8680 will increase the downside pressure and drag it to 8500,8400.
Traders can go short on a break below 8700 with a stop-loss at 8820 for the
target of 8500.
TOP GAINERS: Tata Steel, ACC, Asian Paints, Cipla, Hindalco, Infosys,
Lupin
TOP LOSERS: Bharti
Airtel, Reliance Industries, Adani Ports, NTPC, Grasim and BPCL