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Market Report

Thursday, 20-Oct-2011

NSE

  • It was a gap-down opening for the markets today and the indices slipped further in the morning but recovered from the lows of the day to close with about 0.85% losses. Realty, auto and capital goods were the biggest losers today and housing finance companies also tumbled on the news that there would not be any charges on pre-payment of housing loans. IT was the lone sector that closed in the green. The Sensex closed at 16937, down 148 points from its previous close, and the Nifty shut shop at 5092, down 47 points.

  • The top Nifty gainers today were Tata Steel, HCL Tech, Jindal Steel and Bharti Airtel while the biggest losers included HDFC, IDFC, DLF and JP Associates.

  • The market is moving with a negative bias and broadly, we could see a downside to 4850-4800, says Avinash Gorakshakar of Edelweiss Advisors on NDTV Profit. In the short term, the action is likely to be stock specific, he adds.

  • Shorting on the way up is like pre-empting the market so I would rather wait for the market to drop below to the region of 5070 on the Nifty and then look at initiating short positions, says Jai Bala of Cashthechaos.com on CNBC TV18. He, however, believes that over the next few weeks or couple of months, the market may take out the key support level of 4700-4750.

  • There is strong resistance for the Nifty at 5200 and support is at 5050-5000 and if 5200 is crossed then the next target would be 5300-5350, says Chandan Taparia of Anand Rathi Securities on CNBC Awaaz.

  • Inflation: Primary articles inflation for week ended October 8 has come in at 11.18% versus 10.6% (WoW), food articles inflation at 10.6% versus 9.32% (WoW) while fuel group inflation is at 15.17% versus 15.1% (WoW), reports NDTV Profit.

NIFTY 3-Month