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Market Report

Wednesday, 24-Aug-2011

NSE

  • The markets traded with positive bias in opening trade but negativity in the Asian markets took its toll and both benchmark indices closed with significant losses. The Nifty breached its psychologically important level of 4900 and SBI also closed below Rs 2000. All sectoral indices closed in the red with auto, metal and banking being the worst performers. The Sensex closed at 16285, down 213 points from its previous close, and the Nifty shut shop at 4889, down 60 points.

  • The top Nifty gainers today were Ranbaxy, Power Grid, Grasim and GAIL while the biggest losers included Tata Steel, Tata Motors, Axis Bank and SBI.

  • We have made a short-term low but this does not indicate the end of the bear market, says Sudarshan Sukhani, technical analyst, on ET Now. In such a case traders should move aside and wait for things to stablise, he adds. But short-term traders could take advantage of this upmove or downmove and one could go long with a stop loss of 4800.

  • There is strong resistance for the Nifty at 4980-5000 and we expect F&O expiry below 5000 levels, says Jatinder Sharma, technical analyst, on Zee Business.

  • The medium-term trend of the market is negative but a short-term bounce is likely which could take the Nifty up to 5100-5200, says Somil Mehta of Sharekhan on NDTV Profit. He sees support at 4700-4800 and expects banks and metals to bounce back.

NIFTY 3-Month