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Market Report

Tuesday, 09-Aug-2011

NSE

  • It was a volatile session for the markets today with both benchmark indices recovering significantly after a gap down opening. The markets rallied with Asian markets and were trading with moderate gains when negative opening of European markets doused the sentiments and made the indices tumble. But in the last one hour they recovered and closed with about 0.75% losses. IT, metal and healthcare were the biggest losers of today's trade while auto and FMCG made substantial gains. The Sensex closed at 16858, down 132 points from its previous close, and the Nifty shut shop at 5073, down 46 points.

  • The top Nifty gainers today were Ambuja Cements, DLF, Grasim and Cairn while the biggest losers included Reliance Power, Dr Reddy's Lab, GAIL and Cipla.

  • It is too early to decide if this is the final bottom for the market or more is on the way, says Sushil Kedia of ATMA on CNBC TV18. As of now the market is going through a phase of large pullback if not a bearish phase and in the light of this, investors should phase out bets in such a manner where they can handle risk, he adds. Those holding stocks should keep reducing them and take profits wherever possible, he advises.

  • It does not appear that this kind of frenzy will last long where you see such deep cuts in the market, says Ashwani Gujral, technical analyst, on ET Now. He sees support now at 5046 and 4975 and resistance at 5196 and 5275.

  • Do not be in a hurry to go long into this market which could go down to 4650-4500, says Ashish Chaturmotha of IIFL Wealth on Zee Business. On the Bank Nifty he sees a fall to 9400-9300 in a few days.

NIFTY 3-Month