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Market Report

Wednesday, 21-Sept-2011

NSE

  • The markets traded in a range today with midcap and smallcap stocks outperforming largecap counters. Capital goods and media stocks closed with significant gains in today's session while oil & gas, auto and metal closed with losses. The Sensex closed at 17065, down 34 points from its previous close, and the Nifty shut shop at 5133, down 7 points.

  • The top Nifty gainers today were Siemens, ICICI Bank, Grasim and Ambuja Cements while the biggest losers included Hero Motocorp, Hindalco, Maruti Suzuki and Cairn India.

  • The recent rebound hasn't changed our bleak technical outlook for the majority of regional markets and the S&P 500, says Laurence Balanco of CLSA on CNBC TV18. For Nifty, we remain bearish against the 5200-5300 level with an expectation that the downtrend will reassert itself, he adds. He sees initial support at 4718 and then at 4250.

  • We are not out of the woods yet and the market is not likely to see a rate correction till mid next year, says Harendra Kumar of Ellara Capital on NDTV Profit. Investors will get better opportunity to cherry pick stocks as the market goes down further, he adds.

  • We are moving up creating higher tops and higher bottoms and the medium-to-long term view is positive, says Somil Mehta of Sharekhan on NDTV Profit. There is good support for the Nifty at 4700 and my first target on the upside would be 5350, he adds.

NIFTY 3-Month