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Market Report

Friday, 06-May-2011

NSE

  • The markets broke its continuous downtrend today and closed with strong gains. All sectoral indices closed in the green and banking and auto were the best among them. Commodity linked stocks took a beating on account of weak global cues. The Sensex closed at 18519, up 308 points from its previous close, and Nifty shut shop at 5551, up 91 points.

  • The markets were in correction mode this week with interest rate sensitive sectors like banking and realty showing a sharp fall. There was also a correction in infrastructure stocks. The numbers are following: the Sensex was down 3.2% while the Nifty fell 3.4%. The BSE Smallcap index was down 4.3% over the week.

  • The top Nifty gainers today were Tata Motors, ICICI Bank, Hero Honda and HDFC Bank and prime losers included Sesa Goa, Cairn, Bharti Airtel and Reliance Infra.

  • We could see a bounceback of 100-125 points on the Nifty over the next couple of trading sessions, says Ambareesh Baliga of Way2Wealth on NDTV Profit. The Nifty is likely to trade in the range of 5400 and 5700 and we would look to invest in specific stocks at the lower level of the range, he adds.

  • The key level for the market is 5490 and we need to stay above this in order to sustain the uptrend, says Ashwani Gujral, technical analyst, on ET Now. There is resistance at 5538-5580 and we could see a pullback of 100 points, he adds.

  • A pullback was on the cards today but I would wait for a bigger bounceback before shorting, says Anil Manghnani of Modern Shares and Stockbrokers on CNBC TV18. He believes that the Nifty could go up to 5650 and adds that the fall in commodity prices is a positive for our markets. An important support level would be 5350-5320 and this would be a good level to go long, he says.

NIFTY 3-Month