Nifty trades above 50 days moving average on account of global cues ::HDFC Securities

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Statistics

The 30-share Sensex gained 245 points or 0.9% at 27,372 and the Nifty gained 66 points or 0.8% to close at 8,225. The midcap index added 0.4% and the smallcap index edged higher by 0.6%, underperforming the BSE benchmark index which was up nearly a percent. NSE cash turnover was at Rs. 18292.

Sectors & Stocks

On the sectoral front, the top losers were FMCG and Realty indices down nearly a percent each. Auto and Consumer Durables indices were flat with a negative bias. Meanwhile, Capital Goods, IT, Metal, Oil & Gas and Power indices gained 1-2%. Sesa Sterlite, Hindalco gained upto 3% each while Tata Steel added 0.8%. Reliance gained 2.3% and ONGC was up by 1.2% while GAIL was marginally in green. Sun Pharma and Cipla were under pressure while Dr Reddys Lab gained 1.3%.  ITC and HUL down upto 1.5%.

Europe markets started higher with CAC, DAX and FTSE gaining 0.3-0.6%.

Way forward

Nifty is making higher top higher bottom formation from last 2 session with two up gaps. If  in coming session Nifty trades & sustains  above 8225 level then traders could expect continuation of trend in Nifty, which could leads to 8350 level. If Nifty  trades & sustains below 8200 level for 15 mins  then traders could expect down move up to 8160 followed by 8000 level.