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Market Report

Thursday, 09-June-2011

NSE

  • Poor global cues and lack of domestic triggers caused the Indian market to trade flat and rangebound in another lacklustre session today. Selling was seen in pharma and autos though capital goods and power stocks provided good support. The broader indices were in line with the largecaps and closed flat. Sensex shut shop at 18384, down 9 points and Nifty at 5521, down 5 points from the previous close.

  • Top Nifty gainers today were SAIL, L&T and NTPC while losers included Ambuja Cements, Jaiprakash Associates and BPCL.

  • The market is ready for a big move on either side and the important level is 5500, says Sudarshan Sukhani, technical analyst, on ET Now. Below 5500, go short and above 5500 go long, he advises. His five-year view on the market is bullish while a six-month view is bearish.

  • The market is trading rangebound and an important level is 5480 and if this holds then the structure of the market will be positive, says Ashwani Gujral, technical analyst, on ET Now.

  • I am bullish on the Nifty in the near-term, says Mithil Pradhan, technical analyst, on CNBC TV18. Post consolidation, once the market starts to move up on good volumes, we would easily touch 5850-5950 levels, he adds. However, he advises exiting on rallies after that.

  • Inflation: Primary articles inflation for week ended May 28 has come in at 11.52% versus 10.87% (WoW), food articles inflation is at 9.01% versus 8.06% (WoW) while fuel group inflation is at 12.46% versus 12.54% (WoW), reports NDTV Profit.

NIFTY 3-Month