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Market Report

Friday, 20-May-2011

NSE

  • The markets gained significantly today with support coming from capital goods, banking, auto and pharma counters. The union government has increased the subsidy burden on some PSU oil and gas companies and that had adverse impact on counters like GAIL and Oil & Natural Gas. FMCG also traded negative. The Sensex closed at 18326, up 185 points from its previous close, and Nifty shut shop at 5486, up 58 points.

  • The top Nifty gainers today were IDFC, L & T, DLF and Sun Pharma and prime losers included Ambuja Cements, ITC, ONGC and Sesa Goa.

  • It was a disappointing week for the markets with most of the sectoral indices taking severe cuts. Capital goods was the only sector that showed some uptrend. The numbers are following: the Sensex lost 1% and the Nifty, too, closed with 1% loss. The CNX midcap index lost 1.9% and Bank Nifty lost 3.2% over the week.

  • The intermediate trend of the market is down but those who are long can hold with a stop loss of 5400, says Sudarshan Sukhani, technical analyst, on ET Now. If this level is taken out then we could see a decline of 200 points but above this we could see a bounceback, he adds.

  • As long as we remain above 5380-5400 then we could see a bounceback of 100-150 points, says Ashwani Gujral, technical analyst, on ET Now. He sees support at 5380 and believes midcaps will continue to underperform.

NIFTY 3-Month