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Market Report

Friday, 19-Aug-2011

NSE

  • Negative sentiment continued to prevail in the markets today as well with both benchmark indices losing about 2%. There was some bounceback in the last hour of trade with realty returning to the green, but it wasn't enough to overcome the overall negativity. Capital goods and IT were the biggest losers of today's trade, followed by banking, consumer durables, FMCG and oil & gas. The Sensex closed at 16142, down 328 points from its previous close, and the Nifty shut shop at 4846, down 98 points.

  • The top Nifty gainers today were JP Associates, DLF, Hero Motocorp and Hindalco while the biggest losers included Tata Motors, Infosys, L & T and BHEL.

  • It was a turbulent week for the markets with both benchmark indices and all sectoral indices closing with significant losses. The Nifty closed below its psychologically important level of 5000 and RIL lost its number one position in terms of market capitalization. The Sensex was down 4.5% and the Nifty also lost 4.5% during the week. The CNX Midcap index lost 6% and the Bank Nifty closed with 7.5% loss.

  • The market is technically oversold but it continues to make new lows, says Brijesh Singh of India Advantage on Zee Business. The Nifty level of 4760 should act as rock bottom support, he adds.

  • The key level for the Nifty now is 4786 and if this is broken then we could head lower to 4680 and 4512, says Shardul Kulkarni of Angel Broking on NDTV Profit. The market is expected to trade in the range of 4800 and 5200 and we should see 4800 in the next 1-2 trading sessions, he adds. There is extreme volatility in the market so wait for it to stabilize before taking a call, he advises.

  • The market is in a bear grip and the next support level is 4800 on the Nifty, says Kunal Saraogi, technical analyst, on Zee Business. We could see some relief rallies but the final destination appears to be 4500, he adds.

NIFTY 3-Month