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Market Report

Wednesday, 28-Sept-2011


  • It was a volatile day of trade in the markets today with constant selling pressure on metals throughout the day. ADAG stocks, too, made significant losses, and, along with banking and auto, pulled the markets down. However, select banking counters made substantial gains. IT and FMCG closed with significant gains. The Sensex closed at 16446, down 78 points from its previous close, and the Nifty shut shop at 4946, down 25 points.

  • The top Nifty gainers today were HCL Tech, NTPC, GAIL and DLF while the biggest losers included Reliance Capital, JP Associates, Reliance Infra and Sesa Goa.

  • We appear to have made a good base at 4700 for the year though short-term pain is there, says Neeraj Deewan of Quantum Securities on NDTV Profit. With a medium-to-long term perspective buy on all dips, he adds.

  • The trend of the market is still down and we could see a down move of another 8-15%, says Mehraboon Irani of Nirmal Bang Securities on NDTV Profit. Making money in this market is not easy but the best time to go short is behind us, he adds. He does not see the market going lower than the Nifty levels of 4400-4300 and 14500-15500 on the Sensex.

  • There is support for the Nifty at 4900 and resistance at 5010-5020 at which level selling pressure will come in, says Krunal Dayma, technical analyst, on Zee Business. Those with long positions book profits at 5010-5020 and buy at-the-money Put Options instead of creating shorts, he adds.

NIFTY 3-Month