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Market Report

Wednesday, 07-Sept-2011


  • It was a stellar performance in the markets today with both benchmark indices gaining more than 1%. IT and FMCG were the only two sectors that closed moderately in the red, all other sectors gained substantially. Realty was the best performer of today's session, followed closely by banking, capital goods and metal. The Sensex closed at 17065, up 202 points from its previous close, and the Nifty shut shop at 5125, up 60 points.

  • The top Nifty gainers today were JP Associates, Ambuja Cements, ACC and SAIL while the biggest losers included Mahindra & Mahindra, ITC, TCS and Infosys.

  • The market will face stiff resistance at 5220, says Kunal Saraogi, technical analyst, on Zee Business. There is still a 100-125 point rally left in the market so hold on to long positions with a stop loss of 5070, he adds.

  • Banks, technology and heavyweights like RIL all should do well in this rally, says Deepak Mohoni, technical analyst, on ET Now. Take long positions and play with trailing stops rather than targets because this rally is of unknown quantity, he adds.

  • The Indian market is showing a lot of resilience and 4700 could act as a major support at which level investors should buy, says Mehraboon Irani of Nirmal Bang Securities on NDTV Profit. I believe that all negatives will get discounted in the market this month, he adds. He thinks that the Nifty could move up to 5200.

  • There is support for the market at 4700 but if this is breached then we could go down to 4300-4200, says Somil Mehta of Sharekhan on NDTV Profit. However, we should be heading up to 5300 and above, he adds.

NIFTY 3-Month