The Indian equity markets ended in the red for the first time in six trading sessions on Monday. After, 850 points or 5% rally the BSE Sensex was unable to carry on the momentum further as
alternate bouts of buying and selling kept the benchmark indices in a narrow range. Although, stock specific action was witnessed, stocks like Spice Tele and Bharat Forger were among the top
gainers while Apollo Hospital and GVK Power heavily offloaded.
The Sensex opened 79 points lower after Asian markets opened weak in morning trades. The
index then plunged further to touch a low of 16,120, down 144 points. The Sensex traded in the negative zone entire day. The BSE-30 share index tried to recover during final trading hour,
however, could not succeed. It touched an intraday high of 16,252, still down 12 points from the previous close. The market breadth was marginally positive - out of 2,855 stocks, 1,473
advanced, while 1,309 declined. The Nifty managed to hold the 4800 mark for the fifth day in a row, after hovering around the same level.
OUTLOOK: trading range 4780-4850 fut.... these will be breakout levels.
Trade long if markets breakout and sustain above 4850 fut. Target 4890-4950 fut.
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