Nifty may trade between 8390-8410: Indira Securities

Indira Securities’ Market Report:

Indian markets closed with significant losses in Monday's trade. The Chinese market that was bucking the trend since morning after regulators in the country banned the margin trading businesses of brokerages from taking part in umbrella trusts, and said that fund managers can lend shares for short selling, has given up early gains and is witnessing intense selling pressure.

Back home, though, the domestic bourses are stablising, but continue to trade in a tight band with both the benchmarks witnessing cut of over half a percent. Traders are now concentrating on the domestic development, as the Budget session of Parliament has resumed and is expected to be stormy session with lots of important bills and Land acquisition amendment ordinance being tabled in Lok Sabha. Sentiments also remained cautious ahead of results of bluechip technology companies to be released today.

For today's trade Nifty likely to trade in the range between 8470 - 8490 in the upper side and 8410 – 8390 in the lower side.

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