Market share indices ended 1% higher tracking a rally in European shares after the Bank of England on Thursday lowered its key interest rate by 25 basis points and unveiled a stimulus package to cushion the impact of its exit from the European Union. The Sensex ended up 364 points at 28,078 and the Nifty settled 132 points higher at 8,683. In the broader markets, BSE Midcap and Small cap indices ended up over 1.5% each. Market breadth remained strong with 1817 gainers and 917 losers on the BSE. Foreign institutional investors were net buyers in equities worth Rs 559 crore on Thursday, as per provisional stock exchange data. Foreign funds have been on a buying spree since the past 20 trading sessions with investments of Rs 13,500 crore.
The Nifty Market trend is looking bullish on technical chart for the Monday trading session. The market will be highly paced up like today with having the strong supports at 8590 and 8740. Nifty may face the resistance level at 8690 and 8740. Buy on Dip approach needs to follow.
Free Intraday Tips for Tomorrow (Monday) : 8th August
BUY STOREONE ABOVE 205 TARGET 207, 209, 211 STOPLOSS 201
BUY DATAMATICS ABOVE 80 TARGET 80.80, 81.60, 82.40 STOPLOSS 78.40
SELL DHAMPURSUG BELOW 120 TARGET 118.80, 117.60, 116.40 STOPLOSS 122.40