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Market Report

Wednesday, 15-June-2011

NSE

  • It was a choppy day for the Indian market because of sudden selling pressure towards the latter part of the day in a possible reaction to the RBI policy meet scheduled for tomorrow. Banks were the weakest in trade today followed by oil & gas, infrastructure, autos and technology and heavyweights like RIL saw big cuts. Sensex shut shop at 18132, down 176 points and Nifty at 5447, down 53 points from the previous close.

  • Top Nifty gainers today were Reliance Infrastructure, HUL and Sesa Goa while losers included SAIL, IDFC and DLF.

  • Once the 5350 or 5300 levels break, the Nifty will be headed to 4800, says Anil Manghnani of Modern Shares and Stockbrokers on CNBC TV18. Although 5350 might take time to break since everybody is watching it closely, however a grind upwards and then again a collapse are likely, he alerts.

  • We believe the Nifty may trace out large trading range in the coming weeks/months, says Laurence Balanco of CLSA on CNBC TV18. A break above the short-term resistance of 5643 would add further credibility to the consolidation pattern and open the door for a test of the next resistance level around 5900, he adds. He sees key support for the consolidation pattern at 5328.

  • Q1 Advance Tax: RIL is likely to pay approximately Rs 900 crores versus Rs 650 crores (YoY) while Bajaj Auto is likely to pay approximately Rs 125 crores versus Rs 110 crores (YoY), reports CNBC TV18.

NIFTY 3-Month