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Market Report

Friday, 03-June-2011

NSE

  • The markets looked confused today as, contrary to expectations, the indices got no direction from the AGM of Reliance Industries. There was selling pressure in oil & gas and metals as well as in banking stocks. Capital goods and consumer durables were the only two sectors that closed positive. Buying was also there in ADAG group stocks. The Sensex closed at 18376, down 118 points from its previous close, and Nifty shut shop at 5517, down 34 points.

  • The top Nifty gainers today were RCom, L & T, Reliance Capital and Sesa Goa and biggest losers included HDFC Ltd, Axis Bank, SAIL and Tata Motors.

  • The markets made moderate gains this week with realty and banking providing support to the indices. Oil & gas and metals closed with moderate losses while auto also took a beating. The numbers are following: the Sensex gained 0.6% and the Nifty closed with 0.7% gain. The CNX midcap index gained 1.5% and BSE Realty gained 2.05% during the week.

  • Go short in this market every time you see a 2% uptick, says Vijay Bhambwani, technical analyst, on NDTV Profit. He sees short-term support at 5400-5450 and resistance at 5650-5700.

  • Ideally, a retracement is due in the market and it could pull back to 5430 and then move up, says Anil Manghnani of Modern Shares and Stockbrokers on CNBC TV18. The levels of 5580-5635 are sticky areas for the market, he adds.

NIFTY 3-Month