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Market Report

Wednesday, 20-July-2011


  • The markets remained volatile today and smallcap and midcap stocks faced more selling pressure than largecap stocks. Capital goods, pharma, banking and auto remained the biggest losers in today's session. ICICI and SBI were primarily responsible for the fall in the bank index while Wipro pulled the IT index down. The Sensex closed at 18502, down 151 points from its previous close, and the Nifty shut shop at 5567, down 46 points.

  • The top Nifty gainers today were DLF, Siemens, ITC and HUL while the biggest losers included Wipro, Hindalco, Ranbaxy and JP Associates.

  • Price action continues to drift between major support level for Nifty at 5200 and resistance at 6300, says Laurence Balanco of CLSA on CNBC TV18. He believes that a sustainable upside is likely only above the 200-day moving average of 5760.

  • The market is likely to stay in a trading range with 5500 on the downside and 5750 on the upside, says Kunal Bothra of LKP Shares on NDTV Profit. In the short term, there is support at 5500 and resistance at 5750 and in the longer term support is at 5200 and resistance at 5950, he adds.

NIFTY 3-Month