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Market Report

Monday, 13-June-2011

NSE

  • The markets traded in a narrow range today and broader markets outperformed largecap stocks. Pressure on indices primarily came from Reliance Industries, some largecap banking counters and the metal sector. Consumer durables and capital goods were the biggest gainers of today's trade. The Sensex closed at 18266, down 3 points from its previous close, and Nifty shut shop at 5483, down 3 points.

  • The top Nifty gainers today were JP Associates, Cipla, NTPC and Sun Pharma while biggest losers included Hindalco, RIL, Sesa Goa and Dr Reddy's.

  • The rallies we have seen are now over and the intermediate trend is now down, says Sudarshan Sukhani, technical anayst, on ET Now. We may see strong intra-day rallies and traders should take advantage of this on either side, he adds. It is a matter of time before we breach 5325 and then 5100, he says.

  • There is support for the Nifty now at 5450 and if this is breached then we could go down to 5370-5350, says Brijesh Singh of India Advantage on Zee Business.

  • We expect the Sensex to rise more than 20% over the next three years, says Vallabh Bhansali of Enam on ET Now. Indian companies are emerging global leaders, he adds and believes that IT companies will continue to generate 15-20% growth annually.

  • We are cautious on the market in the near term, says Sharmila Joshi of Fairwealth Securities on NDTV Profit. There is lack of liquidity and interest in the market and it will continue to trade within a range, she adds. She does not see the market correcting too much and advises investors to buy at lower levels.

NIFTY 3-Month