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Market Report

Wednesday, 14-Sept-2011

NSE

  • The markets closed with substantial gains today after trading flat in the morning. The rally was mostly confined to largecap stocks and midcap and smallcap counters gained only moderately. IT was the biggest gainer of today's session and support also came from metal, banking, auto and oil & gas. Capital goods was the only sector that closed negative. The Sensex closed at 16710, up 242 points from its previous close, and the Nifty shut shop at 5013, up 72 points.

  • The top Nifty gainers today were JP Associates, Infosys, Wipro and HCL Tech while the biggest losers included Sesa Goa, Tata Power, Cipla and L & T.

  • We are likely to see volatility for the next few days so traders should be cautious in their approach, says Rupal Saraogi, technical analyst, on Zee Business. There is resistance at 5047 with next support coming in at 4875, she adds.

  • The trend of the market is down and the key level would be 4960 above which the market would stay positive, says Ashwani Gujral, technical analyst, on ET Now. He sees support for the Nifty at 4890 and 4841 with resistances coming in at 5079.

  • An important support level for the market is 4900 and we do not expect the market to break this, says Somil Mehta of Sharekhan on NDTV Profit. The Nifty is likely to take support at 4900 and then move up, he adds. We expect the market to consolidate in the range of 4900-5100 for the next few days before moving up, he says.

  • August inflation has come in at 9.78% versus 9.22% (MoM), reports NDTV Profit. Primary articles inflation has come in at 12.58% versus 11.30% (MoM), fuel group inflation is at 12.84% versus 12.04% (MoM) while manufactured products inflation is at 7.79% versus 7.49% (MoM). June inflation has been revised to 9.51% from 9.44%, adds the channel.

NIFTY 3-Month