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Market Report

Monday, 24-Oct-2011


  • Though the markets made substantial gains today, they lost much of it in the last hour of trade to close about 0.8% up. Capital goods and banking were the biggest laggards in today's session and support came primarily from auto, IT and oil & gas. The Sensex closed at 16939, up 154 points from its previous close, and the Nifty shut shop at 5098, up 48 points.

  • The top Nifty gainers today were Tata Motors, ONGC, Reliance Power and HUL while the biggest losers included L & T, SBI, PNB and Sun Pharma.

  • We are likely to see an upmove in the market this month and the next month and the Nifty could possibly go past 5200 with support at 4920-4900, says Deven Choksey of KR Choksey Shares & Securities on NDTV Profit. But keep a strict stop loss of 4900 on all long trades, he adds.

  • The bias should be on the long side with 5068 being an important level for the Nifty, says Ashwani Gujral, technical analyst, on ET Now. On a weekly basis, the market will stay positive above 5073, he adds. He sees resistances at 5100 and 5151 and support at 5017 and 4985.

  • The level of 5020 will act as a strong support for the market and as long as we stay above this, there is no need to panic, says Mitesh Thacker, technical analyst, on ET Now. A key resistance is at 5150 and if this is crossed then we could see an upmove of 100-125 points in the short term, he adds.

NIFTY 3-Month