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Market Report

Wednesday, 11-May-2011

NSE

  • It was a dull session for the markets today with both benchmark indices closing with only moderate gains. However, the realty sector bounced back a little and IT also perked up following news that IT companies could bag orders worth Rs 40,000 crore from the UID project. Metal and auto also gained significantly. The Sensex closed at 18585, up 72 points from its previous close, and Nifty shut shop at 5565, up 24 points.

  • The top Nifty gainers today were Ranbaxy, Hero Honda, DLF and Reliance Infra and prime losers included NTPC, Tata Power, L & T and IDFC.

  • The market is likely to trade in a range of 100 points and this will provide trading opportunity, says Sudarshan Sukhani, technical analyst, on ET Now. Buy at 5520 and if the market goes below this level then close all long positions, he adds. He believes that in the broader time frame, the market is in a downtrend.

  • We are bearish on the Nifty and don't see it going above 5630, says Somil Mehta of Sharekhan on NDTV Profit. The market is consolidating within a range and we see it breaking out of the range on the downside and going down to 5300-5200 and, eventually, to 4800, he adds.

  • We expect the market to stay rangebound for the next month and a half, says Ambareesh Baliga of Way2Wealth on CNBC TV18. We could see a sharp correction in oil and metal prices and that is the time people will start coming into the market, he adds. This is the right time to start buying for the long term, he says.

  • As long as the market stays below 5700, weakness will continue, says Ashwani Gujral, technical analyst, on ET Now. For the day, there is support for the Nifty at 5506 and resistance at 5582, he adds. Broadly, we will stay in the 5500-5600 zone, he says.

NIFTY 3-Month