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Market Report

Friday, 28-Oct-2011

NSE

  • After a strong start, the Indian market soared on the back of positive news coming out of the European Union Summit and traded with broad gains all through the day even as the cheer spread globally. The broader markets were somewhat subdued in trade though they rallied towards close to end higher. Sensex shut shop at 17804, up 515 points and Nifty at 5360, up 158 points from the previous close.

  • Top Nifty gainers today were Hindalco, DLF and Jaiprakash Associates while losers included BPCL, Maruti Suzuki and GAIL.

  • It was a positive week for the Indian market which saw the market post good gains despite truncated trading sessions due to the Diwali holidays. This week was an event-filled one on both the domestic and international front and encouraging outcome from both had a steadying impact on the Indian market. Performance was good and the numbers are: Sensex up 6.4% and Nifty up 6.3%. CNX Midcap index was up 3.5%, BSE Smallcap index up 2% over the week.

  • If the market manages to stay above 5350-5400 then this would indicate that we are moving into a new range of 5200 and 5550-5600 wherein the market could consolidate, says Ambareesh Baliga of Way2Wealth on NDTV Profit.

  • The market has closed the October series positively and we are seeing activity in Nifty 5200 Put, says Manoj Muralidharan of IIFL PReMIA on NDTV Profit. The range for the market would now be 5000 and 5500 and we expect banking stocks to show a marginal bounce back, he adds.

  • This rally is likely to be a temporary one and is not an indication of a bull run, says Vijay Chopra of Fullerton Securities on Zee Business.

  • This rally appears to be a sustainable one and not a short-term one and we could see the Nifty go up to 5450-5500, says Kalpesh Goyal of AK Stockmart on CNBC Awaaz. As today you see the Nifty at 5300, then carry long positions into next week with a stop loss of 5250-5220, he adds.

  • An important level for the Nifty will now be 5450 where the market is likely to face strong resistance, says Mitesh Thacker, technical analyst, on ET Now. After a strong gap-up opening the market is likely to cool off so be patient and wait for the right opportunities to get into selective stocks, he advises.

NIFTY 3-Month