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Market Report

Tuesday, 19-July-2011

NSE

  • After a lacklustre performance in the morning, the markets showed robust movement, taking cues from Europe and both benchmark indices closed with significant gains. The Nifty also managed to close above its psychologically important level of 5600. IT, metal and realty remained the best performing sectors while auto traded negative. The Sensex closed at 18654, up 147 points from its previous close, and the Nifty shut shop at 5614, up 46 points.

  • The top Nifty gainers today were Kotak Bank, DLF, Sterlite Industries and Sun Pharma while the biggest losers included Tata Motors, Hero Honda, Maruti Suzuki and HDFC Bank.

  • The market is likely to remain rangebound with support at 5530 and resistance at 5660, says Rupal Saraogi, technical analyst, on Zee Business. If 5530 holds then buy Nifty with a stop loss below 5530 and target of 5660, she adds. If 5530 is taken out on the downside, then the Nifty could test levels of 5470, she says.

  • Don't short the Nifty but stay long in the market, says Siddharth Bhamre of Angel Broking on CNBC TV18. But on dips to around 5500-5550 for a 100-150 point bounce, he adds. The market will find it difficult to cross 5750-5800, he adds.

  • The combination of recent performance, volatility in earnings growth and valuations make midcaps the most attractive investment option over 1-3 years, says Ridham Desai of Morgan Stanley on CNBC TV18. He thinks the reward seems even more attractive in the smallcap basket for investors with higher risk appetite.

NIFTY 3-Month