IntradayTrade dot Net
Market Report

Tuesday, 24-May-2011

NSE

  • The markets traded rangebound today with no significant gains or losses in any of the sectoral indices. Banking and capital goods made some gains while selective counters from metal moved up in the afternoon session. Though oil & gas managed to close in the green, a few heavyweights from the sector took cuts. The Sensex closed at 18012, up 19 points from its previous close, and Nifty shut shop at 5395, up 8 points.

  • The top Nifty gainers today were Ambuja Cements, ACC, PNB and L & T and prime losers included DLF, Reliance Infra, BPCL and GAIL.

  • Investors globally have very little visibility on the three key issues, the end game in Europe, the degree of overheating in China and withdrawal of QE2, says Andrew Garthwaite of Credit Suisse on CNBC TV18. There was a strong consensus call for a pullback in the equity market on this uncertainty, yet, nearly everyone wanted to buy on dips suggesting a limited pullback, he adds.

  • The short-term trend of the market continues to be bearish and the medium-term trend is still sideways, says Sudhanshu Pandey of FRR Shares and Securities on NDTV Profit. We are at strong support levels and the trendline support on weekly charts is 5350-5330 and if this broken then we are in for a severe decline to 4700 and 4400 levels, he adds.

  • There is support for the Nifty at 5350-5370 and if this is breached then we could see levels of 5200, says D Prasad, technical analyst, on Zee Business. He sees resistance at 5450 and believes that banks will continue to be weak as long as interest rates remain high.

NIFTY 3-Month