Nifty trades rangebound; European indices open higher

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Markets are likely to have entered into a consolidation zone between 9350-9450 levels and may make a move for the crucial 9600 levels. The critical support may be set at around the 9350-9370 zone. Bank Nifty, on the other hand, has managed to hold on to its gains. The immediate support for Bank Nifty can be placed at 22500 while 23000 mark can be the first hurdle going forward.
Inox wind is the top stock in the news for the first half of Monday’s trading session. The stock has dipped by around 16.4% at Rs 168.8 per share since the company reported weak financial results. The stock has touched intraday low of Rs 162.5 per share, down by 19.53%.
In metal sector, Vedanta Limited and Tata Steel are trading in green ahead of their financial results for the quarter ended March 31, 2017.
 IT sector is the only losing sector on NSE. IT giants, TCS, Infosys, Tech Mahindra have been losing their sheen on NSE.
There are 962 advances, 665 declines and 336 unchanged stocks on NSE reflecting strong positive undertone floating in the market.
 Meanwhile, in the global market, European indices have opened in positive territory owing to extended oil cuts. The FTSE 100 started trading 0.29% higher at 7,456; the DAX opened up 0.22% higher at 12,798; and the CAC 40 began the day up 0.04% at 5,407. The opens marked record intraday highs for the FTSE and the DAX.

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