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Market Report

Tuesday, 11-Oct-2011

NSE

  • The markets made significant gains in the morning but came down sharply in the afternoon to close negative. The main cause of weakness was IT, and all the largecap counters from the sector remained among the worst performers in today's session. Auto, capital goods and metal closed with moderate gains and banking also closed positive. The Sensex closed at 16536, down 21 points from its previous close, and the Nifty shut shop at 4974, down 5 points.

  • The top Nifty gainers today were Sun Pharma, NTPC, Sesa Goa and Tata Motors while the biggest losers included Infosys, HCL Tech, TCS and Wipro.

  • Nifty in the range of 4800 is definitely a buying opportunity, says Arvind Sanger of Geosphere Capital on ET Now. Inflation in India may see moderation on some articles, he adds. He sees a fundamental shift in investor psychology and believes restructuring needs to happen in Eurozone debt immediately.

  • There would be a stronger resistance for the NIfty at 5170-5190, says Sushil Kedia of ATMA on CNBC TV18. Once this is crossed then the market could move up to 5400-5500 in the last leg of the rally for this year before a fall of 1000 points to 4400-4300, he adds.

  • We have a positive bias on the market in the short term but for the long term, our view is negative, says Rohit Shrivastav of Sharekhan on NDTV Profit. For the next two weeks, he sees support for the Nifty at 4900 and resistance at 5168.

NIFTY 3-Month