SENSEX FALL FOR SECOND STRAIGHT DAY; NIFTY HOLDS 8,700 MARK

The equity market continued on yesterday’s lackluster note and lost further ground today. After opening on a flat note, indices remained under pressure and slipped lower in the second half. Weak global cues, coupled with lower crude oil prices, rupee and profit booking weighed on the domestic markets. The Sensex ended today’s trading with a loss of 115 points at 28,106. It opened at 28,298, touched an intra-day high of 28,329 and low of 28,031.The Nifty closed with a loss of 34 points at 8,710. It opened at 8,769, hit an intra-day high of 8,781 and low of 8,685. Technically, Indian Stock Market would see a sharp correction for now and we can even see Nifty breaching 8700 levels. For now, Market looks to enter into negative zone, so traders can go short for now. The downfall would be step but would not last long. So traders should consider booking profits at lower levels. Traders can go short as of now and book profits at lower levels whereas investors can consider this downfall as opportunity to go long in pieces. Nifty Closed below 8700 it will a worry for Indian Stock Market.

A strong break below 8700 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.

On the other hand, a decisive break above 8820 will ease the downside pressure and take the index futures higher to 8900 and 8950 .

TOP GAINERS:  GAIL, BPCL, Grasim, RIL, HUL, Bosch, ONGC, Bharti Infratel 

TOP LOSERS:  Bank of Baroda, Cipla, Power Grid, NTPC, M&M and UltraTech Cement