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Market Report

Friday, 29-Apr-2011

NSE

  • Heavy selling pressure in interest rate sensitive sectors took its toll on the markets and both benchmark indices closed with significant loss. Metal also traded weak today and defensive sectors like FMCG and pharma along with oil & gas were the only sectors that closed with moderate gains. The Sensex closed at 19136, down 156 points from its previous close, and Nifty shut shop at 5749, down 36 points.

  • The top Nifty gainers today were Sun Pharma, Ambuja Cements, HUL and HCL Tech and prime losers included L & T, ONGC, Axis Bank and JP Associates.

  • The markets were in consolidation mood this week and interest rate sensitive sectors like banking and realty were the ones that took severe correction. The numbers are following: the Sensex was down 2.2% and Nifty was also down 2.2%. The CNX Midcap index was down 1.3% while BSE Smallcap index was down 1.8% over the week.

  • We could see the Nifty testing 5700, says Avinash Gorakshakar of Edelweiss Advisors on NDTV Profit. Focus, he believes, will be on credit policy next week and if the RBI comes out with a 50 bps hike that would be a negative surprise for the market, he says.

  • If the market is able to hold 5750 and cross it then the intermediate uptrend will continue, says Ashwani Gujral, technical analyst, on ET Now. Below this level decline will start though the odds are against this, he adds. He sees supports at 5775 and 5725 and resistances at 5805 and 5835.

  • There is important resistance for the Nifty at 5800 and if the market is not able the cross this then we could test 5700 at which there is strong support, says Rupal Saraogi, technical analyst, on Zee Business. Above 5800 we could see an upmove of 80-90 points, she says.

NIFTY 3-Month