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Market Report

Monday, 01-Aug-2011

NSE

  • Owing to positive triggers from the US, the markets performed well today and large cap stocks performed better than midcap and smallcap counters. IT, auto and capital goods were the best performers of today's trade and healthcare and banking also did well. Metal was the worst performer of today's session and consumer durables and FMCG, too, closed with moderate declines. The Sensex closed at 18314, up 117 points from its previous close, and the Nifty shut shop at 5517, up 35 points.

  • The top Nifty gainers today were Ranbaxy, L & T, IDFC and Tata Steel and the biggest losers included SAIL, Reliance Capital, JIndal Steel and Sesa Goa.

  • The market is still stuck in a range and until this is taken out, whether 5400 on the downside or 5750 on the upside, one should continue to trade the range, says Anil Manghnani of Modern Shares and Stockbrokers on CNBC TV18. Hence, if you want to short higher and cut 200 points lower fair enough but if you are taking a bigger call then it is going to collapse or break out, he adds.

  • A critical level for the Nifty now is 5540 and if the market stays above this then we could see a rally to 5650-5700, says Kunal Saraogi, technical analyst, on Zee Business. Go long if the Nifty trades above 5540, he advises. He sees good support at 5420 and resistance at 5550.

NIFTY 3-Month