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Market Report

Tuesday, 17-May-2011

NSE

  • There was considerable selling pressure on the markets today and both benchmark indices closed with substantial losses. Banking was the biggest contributor to today's slump with oil & gas also playing its role to bring the markets down. Consumer durables, FMCG and IT closed with marginal gains. The Sensex closed at 18137, down 208 points from its previous close, and Nifty shut shop at 5439, down 60 points.

  • The top Nifty gainers today were Jindal Steel, HUL, Bajaj Auto and ITC and prime losers included SBI, ONGC, SAIL and GAIL.

  • There is strong support for the Nifty at 5400 and now it appears less likely that this support could be breached and we could go lower, says Siddharth Bhamre of Angel Broking on CNBC TV18. We are not advising to go short in the market, he adds.

  • The overlapping price action of the past two weeks suggests that the Nifty is still working through a corrective phase, says Laurence Balanco of CLSA on CNBC TV18. For the best case scenario we see Nifty between 5300-6000 and in the worst case the Nifty may trend lower towards 4895 which would be a tempting level for bargain hunting, he adds.

  • We are cautious on the markets at current levels and expect pressure to continue at higher levels, says Vivek Mahajan of Aditya Birla Money on NDTV Profit. The Nifty is finding it difficult to cross 5600-5700 and there is good support for the market at 5350-5400, he adds. He advises using all rallies to reduce positions.

NIFTY 3-Month