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Market Report

Friday, 17-June-2011

NSE

  • The last trading session of the week didn't bring any cheer to the markets with both benchmark indices losing more than 0.5%. IT, oil & gas and auto fared the worst today, with only defensive counters like HUL offering some solace to investors. Some buying was also seen in metal stocks. The Sensex closed at 17871, down 115 points from its previous close, and Nifty shut shop at 5366, down 30 points.

  • The top Nifty gainers today were Tata Steel, Ambuja Cements, Bharti Airtel and RCom and the biggest losers included Sesa Goa, TCS, Sun Pharma and Grasim.

  • It was not a good week for the markets with both benchmark indices breaching key psychological levels. The picture looked bleak across the board and all major sectoral indices closed in the red.The numbers are following: the Sensex and Nifty both lost 2% and the CNX midcap index closed with 0.7% loss.

  • This is a wait-and-watch market and one should stay on the sidelines and wait for the market to bottom out before deploying their cash, says Vijay Bhambwani, technical analyst, on NDTV Profit. He believes the markets could be headed lower.

  • Globally, markets could stage a comeback next week, says Sanjeev Bhasin, market analyst, on NDTV Profit. We are looking at the Nifty going up to 5600 at which level one could build up short positions, he adds. He sees the market trading in the range of 5350 and 5600.

  • The market appears to be neutral without too many shorts or longs in the system because there are no sharp falls or pullback, says Anil Manghnani of Modern Shares and Stockbrokers on CNBC TV18. For the next two-three weeks, we are likely to be rangebound but if we break 5300 then I do not see much support till 4800, he adds. He sees major resistance at 5600.

  • We are now close to the important trendline level of 5370, says Ashwani Gujral, technical analyst, on ET Now. If we are able to hold 5310 then we could see a final bounce with resistances at 5432 and 5468, he adds. For the day he saw support at 5352.

NIFTY 3-Month