Nifty may trade between 8850-8870: Indira Securities

Indira Securities’ Market Report:

After witnessing consolidation in previous trading session, local equity markets staged a smart recovery at the start of the week, ending with gains of over half of a percent which lifted both Sensex and Nifty above psychologically crucial 29,000 and 8,800 levels respectively on sustained buying activities by funds and retail investors thanks to positive global cues.

Markets after making a muted start, witnessed momentum in afternoon deals and majorly in last hour of trade, notablyahead of the release of March CPI data. India's consumer inflation probably edged up in March for the fourth straight month from a record low in November, as heavy rains drove up food prices, giving the central bank pause for thought as it waits for the next chance to cut interest rates.

For today's trade Nifty likely to trade in the range between 8850 - 8870 in the upper side and 8810 – 8790 in the lower side.

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