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Market Report

Friday, 02-Sept-2011

NSE

  • It was a day of flip-flop trade for the Indian market because of mixed cues from its global peers but the indices managed to close with modest gains amid the volatility. Metals and oil & gas provided good support followed by auto, cement, healthcare and telecom. Sensex shut shop at 16821, up 144 points and Nifty at 5040, up 39 points from the previous close.

  • Top Nifty gainers today were Reliance Capital, RCom and DLF while losers included HCL Technologies, Siemens and IDFC.

  • It was a positive, though truncated, week for the Indian market which saw the Nifty move up beyond the 5000 mark. Global cues were mixed but the Indian market remained steady and closed with significant gains in almost all sectors though experts are not yet convinced that this is an indication of a long-term bull run. This week's performance was good and the numbers are: Sensex up 6.3% and Nifty also up 6.3%. CNX Midcap index was up 4.2%, BSE Smallcap index up 3.2% over the week.

  • The market should hold the level of 4700 for the time being but till we do not cross 5150-5200 and stay above it, we cannot say that the bottom has been formed at 4700, says Ambareesh Baliga of Way2Wealth on NDTV Profit. The market is likely to consolidate between 4750 and 5200 before moving up, he adds. He advises booking profits at 5150-5200.

  • For the month, the market could stay in the range of 4700 and 5150, says Ashwani Gujral, technical analyst, on ET Now. If the Nifty goes below 4980 tben the decline could start, he adds. He sees support for the Nifty at 5946 and 4892 and resistance at 5035 and then 5070.

  • The market is likely to remain choppy and trade within a narrow range, says Sudarshan Sukhani, technical analyst, on ET Now. There will be some sharp declines and rallies but the intermediate trend is down, he adds. The strategy should be to remain short, he advices.

NIFTY 3-Month