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Market Report

Tuesday, 02-Aug-2011


  • Weak global cues took their toll on the markets and both benchmark indices closed with substantial losses. Midcap stocks faced more selling pressure than largecap counters and banking and realty remained the worst performers of today's trade. Metal, capital goods, IT and FMCG were other big losers of today's session. The Sensex closed at 18110, down 204 points from its previous close, and the Nifty shut shop at 5456, down 60 points.

  • The top Nifty gainers today were NTPC, Cipla, ONGC and Kotak Bank while the biggest losers included JP Associates, RCom, Reliance Capital and Sesa Goa.

  • The Nifty's chart remains fragile as rallies off the 5100-5200 support zone have diminished since February, says Laurence Balanco of CLSA on CNBC TV18. He believes that the weakening rally attempts have traced out a series of lower lows since the November 2010 peak. It would take a break above the 200 DMA to improve the technical outlook, he adds.

  • Selling pressure is likely to continue in the market so avoid fresh long positions now, says Kunal Saraogi, technical analyst, on Zee Business. He sees the Nifty testing its support levels of 5400 and even 5350.

  • We are in a range of 5200 and 5800 and till we do not see a breakout on either side of the range, avoid a call on the market or trade for small moves in specific stocks, says Sudhanshu Pandey of FRR Shares and Securities on NDTV Profit. We are still in a danger of a sell-off so do not be in a hurry to build up long or short positions and instead, wait on the sidelines, he advises.

NIFTY 3-Month