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Market Report

Friday, 29-July-2011

NSE

  • The markets traded in a range today and both benchmark indices closed flat. The Banking index gained on the back of good results from ICICI Bank and some other large banks and FMCG, IT and auto also closed with moderate gains. Realty, metal and oil & gas were the biggest losers of today's trade. The Sensex closed at 18197, down 12 points from its previous close, and the Nifty shut shop at 5482, down 6 points.

  • The top Nifty gainers today were Axis Bank, PNB, ICICI Bank and Maruti Suzuki while the biggest losers included Sesa Goa, Jindal Steel, JP Associates and ONGC.

  • The markets lost significantly during the week and along with both benchmark indices, all major sectoral indices also closed with substantial losses. The Sensex lost 2.8% while the Nifty closed with 2.7% loss over the week. The CNX Midcap index lost 1.7% and the BSE Auto lost 1.12%.

  • All triggers are negative and we are clearly headed downwards, says Ambareesh Baliga of Way2Wealth on NDTV Profit. Soon, we should be looking at the Nifty support levels of 5400-5350, he adds.

  • There is support for the Nifty at 5470 and 5450 and resistance at 5507 and then 5528, says Ashwani Gujral, technical analyst, on ET Now.

  • There is strong support for the Nifty at 5400 and this is likely to be defended well, says Sudarshan Sukhani, technical analyst, on ET Now. One should be buying instead of shorting at 5430 for 20-30 points, he adds. If the Nifty stabilizes above 5400 then the buying zone, he believes, should be between 5400 and 5450.

NIFTY 3-Month