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Market Report

Monday, 18-July-2011

NSE

  • Negative cues from Asia and Europe took their toll on the markets and both benchmark indices lost about quarter-of-a-percent in today's trade. Auto, healthcare and IT were the biggest losers today but midcap IT stocks saw some buying. Midcap and smallcap stocks outperformed largecap stocks and metal and realty sectors also came to the rescue of the indices. The Sensex closed at 18507, down 55 points from its previous close, and the Nifty shut shop at 5567, down 14 points.

  • The top Nifty gainers today were Hindalco, BHEL, Tata Power and GAIL while the biggest losers included Cipla, Mahindra & Mahindra, RCom and NTPC.

  • The Nifty needs to stay above 5591 for the market to stay in an uptrend but for the week, the pivot level is 5576, says Ashwani Gujral, technical analyst, on ET Now. Go short only if the market closes below 5550, he adds. He sees support at 5551 and 5522 and resistance at 5620 and 5660.

  • We are raising the floor of the market from 5300 to 5500 and below this we will have to be very careful, says Saumil Trivedi, market analyst, on NDTV Profit. We expect F&O expiry at 5600-5625, he adds.

  • The market is likely to continue to trade volatile this week, says Vijay Chopra of Fullerton Securities on Zee Business. The bias of the market is still weak and therefore, action should be more stock specific, he adds.

NIFTY 3-Month