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Market Report

Wednesday, 17-Aug-2011


  • It was a mixed day for the Indian market which opened up strong but traded within a range for most part of the day after having given up some of its opening gains. Mixed cues from global markets kept the Indian market quiet, too. Selling pressure came in from realty, auto and financials but technology and FMCG sectors provided some support. Sensex shut shop at 16840, up 109 points and Nifty at 5056, up 20 points from the previous close.

  • Top Nifty gainers today were HCL Technologies, HDFC Bank and TCS while losers included DLF, Axis Bank and Maruti Suzuki.

  • Oversold rallies are underway across most global equity markets and we view this rally as a technical recovery that will be followed by another thrust lower that undercuts the recent lows, says Laurence Balanco of CLSA on CNBC TV18. For Nifty, the old support zone at 5100-5200 is seen as initial resistance, followed by next resistance at 5481, he adds.

  • There is a high possibility of the market touching 4950 and we could even see the Nifty going down to 4860, says Salil Sharma, technical analyst, on NDTV Profit. There is resistance at 5130 and then 5185, he adds.

  • The bias of the market is negative and even the short-term trend is down with all possibilities of 5000 level being breached on the downside, says Sudarshan Sukhani, technical analyst, on ET Now.

  • Overall, the trend of the market is down and traders should be cautious, says Pankaj Jain of Satguru Capital on Zee Business. The midcap sector is seeing a major breakdown, he adds.

NIFTY 3-Month