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Market Report

Monday, 05-Sept-2011

NSE

  • The markets closed with only moderate losses today, even though European markets were trading deeply in the red. Midcap and smallcap stocks performed well today and support also came from ADAG group stocks. IT and oil & gas didn't do well in today's session, though some selected stocks from that sector, too, closed with significant gains. The Sensex closed at 16713, down 108 points from its previous close, and the Nifty shut shop at 5017, down 23 points.

  • The top Nifty gainers today were Hero Motocorp, Reliance Capital, Reliance Infra and JP Associates while the biggest losers included Wipro, Cairn India, HCL Tech and Ambuja Cements.

  • Though the month of September could be choppy, we are moving towards a more stable environment, says Deven Choksey of KR Choksey Shares & Securities on NDTV Profit. Buying would come in at lower levels of 4950-4900 and then we could see a rally of 200 points from there, he adds. The range for the Nifty should be 4700 and 5200 and the strategy this month should be to buy on dips and sell on rise, he says.

  • Key level for the Nifty is 4940 and this could provide critical support for the market, says Mitesh Thacker, technical analyst, on ET Now.

  • Volatility in the market is likely to continue and it will struggle at higher levels, says Hemant Thukral, technical analyst, on CNBC TV18. We could re-test 4800 and I would like to see the market consolidate and find support at 4800-4720 before a substantial pullback, he adds.

  • The market is extremely choppy and will remain so for the next few days, says Ashwani Gujral, technical analyst, on ET Now. For the week the key level is 4941, he adds. After an upswing of 3-4 days, we are now likely to see a downswing, he says. He sees support for the Nifty at 4984 and 4928 with resistances at 5104 and 5168.

NIFTY 3-Month