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Market Report

Monday, 09-May-2011

NSE

  • It was a flat closing for the markets today with selective buying seen across all sectors. Auto registered a sharp fall and selling was also there in stocks of oil marketing companies. FMCG rallied after results from Hindustan Unilever came and the sector was the biggest gainer in today's trade. The Sensex closed at 18529, up 10 points from its previous close, and Nifty shut shop at 5551, no change.

  • The top Nifty gainers today were HUL, Bharti Airtel, Ranbaxy and Tata Power and prime losers included Maruti Suzuki, Bajaj Auto, Tata Motors and JP Associates.

  • We expect sell-off to continue in the commodity markets and consolidation to continue in the Indian markets, says Daryl Guppy of guppytraders.com on ET Now. He sees Nifty resistance level at 6200 in the long term and advises to be short on equities in the near term. He will continue to short silver at current levels.

  • A corrective fall in the market from the current levels is likely and for the market to sustain at higher levels, it is looking tough, says Deven Choksey of KR Choksey Shares & Securities on NDTV Profit. If crude stays between $90-95/bbl then this would be a positive for our markets and then one could play for a move up to 5700, he adds.

  • There is support for the Nifty at 5400 and resistances at 5650 and 5750, says Hemant Thukral, technical analyst, on CNBC TV18. One could play for a pullback of 80-100 points from here, he adds.

NIFTY 3-Month