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Market Report

Wednesday, 04-May-2011

NSE

  • The markets remained volatile today and after trading positive for a while, they slipped into negative at close. Auto and IT put a lot of pressure on the indices and export oriented companies also faced heavy selling pressure. Oil marketing companies registered robust growth today and the sector remained the biggest gainer of today's trade. The Sensex closed at 18469, down 65 points from its previous close, and Nifty shut shop at 5537, down 28 points.

  • The top Nifty gainers today were ONGC, BPCL, PNB and HDFC Bank and prime losers included ACC, Ambuja Cements, Bajaj Auto and Dr Reddy's.

  • The Nifty area of 5700-5750 is going to be very tough for the market to negotiate higher and if it does come to that level, it is going to see a lot of supply coming in, says Jai Bala of cashthechaos.com on CNBC TV18. This area is going to be really crucial for the markets to negotiate and if it does get higher I do not think it is ever going to cross 5900 on the Nifty and it is not going to cross 11900 on the Bank Nifty, he adds.

  • The market will be soft from here on and a correction of 5-7% from the current levels is expected, says Harendra Kumar of Ellara Capital on NDTV Profit. Investor sentiments continue to be weak, he adds. Watch this fall carefully and do cherry picking but all interest rate sensitives should be avoided, he advises.

  • The market is likely to crack from here on and we are seeing a small pullback and then move on the downside, says Somil Mehta of Sharekhan on NDTV Profit. His view for the medium term is bearish and he believes that if 5200 is broken on the downside then the Nifty could test 4800-4700.

NIFTY 3-Month