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Market Report

Tuesday, 23-Aug-2011

NSE

  • Positive cues from Europe and Asia spurred on the markets today and both benchmark indices closed with significant gains. IT was the biggest gainer, followed by capital goods, consumer durables and banking. The fertiliser and tyre sectors also did well. The Sensex closed at 16498, up 157 points from its previous close, and the Nifty shut shop at 4949, up 50 points.

  • The top Nifty gainers today were TCS, Bajaj Auto, Infosys and Axis Bank while the biggest losers included ONGC, Cipla, Power Grid and NTPC.

  • The Nifty level of 5200 is a key level to watch out for and it may take some time before markets bottom out, says Atul Suri, trader, on CNBC TV18. He stresses that the market is currently in a bear phase and that trading at the moment is very risky and the best way is to keep tight stop losses. He believes that the market is likely to stabilise in the latter part of the year.

  • We could see an upmove and see resistance for the Nifty at 4950-5020 and finally at 5180, says Salil Sharma, technical analyst, on NDTV Profit. For the next few weeks the market is likely to stay in a range of 4800 on the downside and 5180 on the upside and then try to bottom out here, he adds.

NIFTY 3-Month