Markets trim early gains; Nifty hovers near 8,150

Benchmark share indices rebounded after a sharp correction in the previous sessions, amid firm global cues, led by IT and short covering in consumer-led stocks. However, markets failed to sustain early gains amid profit taking on caution ahead of the winter session of the Parliament which begins today.    Stock Market Astrology

In the opening trade, S&P BSE Sensex rose over 300 points, while the broader Nifty50 index regained its crucial 8,200 level. Asian Paints and ICICI Bank led the gains, rising 3.71% and 2.82% respectively.    Intraday Trading Tips

At 9:20 am, the 30-share index was trading at 26,498, up 193 points, while the broad-based 50-share index was quoting 8,168, up 60 points.“Nifty is likely to witness selling pressure on every rise towards 8400-8440 levels. Going ahead, we may witness sell pull back rally towards 8400 levels, whereas 8070 ay act as a support. Overall market view is cautious trade with a strict stop loss. For Intraday support lies at 8070/8020 and resistance at 8600/8670,” said Nirmal Bang Research in a technical note.   Commodity Trading Tips 


“Nifty tumbled down sharply from higher levels, after the bounce back move from 8000 to 8600 zones and almost lost all the recovery made in the last week. It has been making lower top – lower bottom and formed a Bearish Belt hold candle on daily chart which indicates that bears are having tight grip on the market amid lots of fear among the traders in line with the volatile Global and Domestic scenario,” said Anand Rathi Equity Advisory.     Nifty Trading Tips