After hitting the lowest of 7240, Nifty recovered quickly to retest 7540. Even as the recovery was encouraging, it failed to surpass the level of 7500. Such type of formation indicates short term weakness at 7370 or 7340.
The SENSEX rose 122.59 points to 24592.16 and the NIFTY climbed 45.50 points to 7470.15.
Sun Pharma (up 2 per cent), M&M (up 2.3 per cent), Coal India (up 2.1 per cent), Gail India (up 2.1 per cent), and ONGC (up 1.9 per cent), were the major Sensex gainers.
ICICI Bank (down 5.2 per cent), Maruti Suzuki (down 3.1 per cent), Axis Bank (down 2.1 per cent), State Bank of India (down 0.7 per cent), and DRL (down 0.3 per cent), were the major Sensex Losers
Nifty Future Trading Tips:
INTRADAY SELL TATAMOTORS below 327, Target 324/320, STOPLOSS 331.
INTRADAY SELL CEAT below 902, TARGET 895/890/885, SL 910. CMP 907.