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Market Report

Wednesday, 18-May-2011


  • The markets traded flat today with oil & gas and selected auto counters losing the most in today's session. Stocks of ADAG group, too, were in correction mode and remained among the top losers in the NSE. IT as a whole closed positive but midcap IT counters didn't perform well. The Sensex closed at 18086, down 51 points from its previous close, and Nifty shut shop at 5421, down 18 points.

  • The top Nifty gainers today were HDFC, Hero Honda, Wipro and Hindalco and prime losers included BPCL, Reliance Infra, Reliance Communications and Tata Motors.

  • The markets are clearly lacking conviction and macros issues will have a big impact on them, says Avinash Gorakshakar of Edelweiss Advisors on NDTV Profit. Bias is clearly negative and there are no major positive triggers expected, he adds. FII selling in markets is evident, he says.

  • The intermediate trend of the market is down and we are likely to see lower levels, says Sudarshan Sukhani, technical analyst, on ET Now. But in the short term, we appear to have made a bottom at 5400-5350 and there is buying opportunity now since the downside is now limited, he adds.

  • There is support for the Nifty at 5360 and 5250 and resistance at 5750, says Kunal Saraogi, technical analyst, on Zee Business.

NIFTY 3-Month