The index is likely to face resistance around 11,080, followed by 11,120 while supports are placed at 10,990, and 10,950 levels
Indian equity benchmarks indices made a strong comeback in the last hour of trade and ended sharply higher on August 8 on reports that the Modi government may reconsider surcharge on foreign portfolio investors (FPIs) and may also defer higher registration charges on vehicles.
The Sensex was up 637 points at 37,327.36, and the Nifty was up 177 points at 11,032.50. About 1,379 shares advanced, 1,020 shares declined, and 149 shares remained unchanged.
All the sectoral indices ended higher led by the IT, auto, banks, energy, FMCG, metal, pharma and infra.
The stock market enjoyed a tentative recovery after better-than-expected Chinese export data and a steadying of the yuan restored some calm to global markets.
Oil prices regained some ground amid talk that Saudi Arabia was weighing options to halt its decline, offsetting an increase in stockpiles and fears of slowing demand.
The index is likely to face resistance around 11,080, followed by 11,120 while supports are placed at 10,990, and 10,950 levels.
Here is a list of top four intraday trading ideas which could return 2-4% return:
Hero MotoCorp: Buy| LTP: Rs 2585| Target: Rs 2635| Stop Loss: Rs 2548| Upside 2%
YES Bank: Buy| LTP: Rs 89.15| Target: Rs 93| Stop Loss: Rs 86| Upside 4%
Mahanagar Gas: Buy| LTP: Rs 821.70| Target: Rs 842| Stop Loss: Rs 807| Upside 2.5%
Escorts: Buy| LTP: Rs 482| Target: Rs 500| Stop Loss: Rs 470| Upside 3.7%Disclaimer: The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months at 289. Use code FREEDOM.