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Market Report

Monday, 29-Aug-2011

NSE

  • After four days of selling, today the Indian market pulled back in a relief rally supported by positive global cues. Short covering as well as fresh long positions helped the indices closed near the highs of the day and with huge gains. Sensex shut shop at 16416, up 567 points and Nifty at 4919, up 171 points from the previous close.

  • Top Nifty gainers today were Reliance Capital, HCL Technologies and TCS while losers included ONGC and Maruti Suzuki.

  • The market is technically in an oversold zone, says Deven Choksey of KR Choksey Shares & Securities on NDTV Profit. September is likely to be a good month for the markets and we could see a rally up to 5200 levels in the near term, he adds. This does not mean that the negative trend of the market is over but that the recovery that we see will be in positive territory, he says.

  • A rally should not be taken as a sign that the downtrend is ending, says Sudarshan Sukhani, technical analyst, on ET Now. There will be relief rallies which should be used as an opportunity to exit, he adds. He believes that if the market stays above 4950 then the positive trend of the market will continue.

  • After four days of selling, we saw a pullback today but it would be important to see if the Nifty can sustain at higher levels of 4950-4960 levels, says Anu Jain, technical analyst, on CNBC TV18.

NIFTY 3-Month