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Market Report

Thursday, 13-Oct-2011

NSE

  • With no global trigger to support the indices, the markets lost all the morning gains to close with about half-a-percent declines. Auto, metal and capital goods were the biggest losers of today's session while banking and IT made moderate gains. The Sensex closed at 16884, down 74 points from its previous close, and the Nifty shut shop at 5078, down 21 points.

  • The top Nifty gainers today were ICICI Bank, HCL Tech, Tata Steel and Cipla while the biggest losers included Jindal Steel, Hindalco, Tata Motors and Ranbaxy.

  • Hold long positions in the Nifty as the market is likely to test 5300 in the next few days once it crosses 5150, says Kunal Saraogi, technical analyst, on CNBC Awaaz. But do not initiate fresh longs at current levels but only on declines, he advises.

  • A rally of 150-200 points looks very likely on the Nifty now, says Mitesh Thacker, technical analyst, on ET Now. The next target on the Nifty could possibly be 5250-5300, he adds.

  • We expect the market to slide in the medium term and see 14500 on the Sensex in the near term, says Saurabh Mukherjea of Ambit Capital on NDTV Profit. The market is currently witnessing a relief rally and my advice is to exit risky stocks during rallies, he adds. He sees a large-scale sovereign default in Europe over the next year and believes oil and US markets would witness a 15% downside.

NIFTY 3-Month