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Market Report

Monday, 31-Oct-2011

NSE

  • It was a rangebound trade in the markets today with both benchmark indices closing with about 0.6% losses. Oil & gas and metal remained the worst performers in today's session while banking and FMCG supported the indices well. IT was trading in the green in morning but came down sharply in the afternoon to close with moderate losses. The Sensex closed at 17705, down 100 points from its previous close, and the Nifty shut shop at 5327, down 34 points.

  • The top Nifty gainers today were HUL, PNB, Sesa Goa and HDFC Bank while the biggest losers included Hindalco, Sterlite Industries, Tata Motors and SAIL.

  • The Nifty is likely to trade in a range of 5385 and 5445, says Gaurang Shah of Geojit BNP Paribas on NDTV Profit. I would exit all long positions at 5400-5445, he adds.

  • This is a buy-on-dips market and any decline to 5280 should be used as a buying opportunity, says Ashwani Gujral, technical analyst, on ET Now. There is still some upside left and we could see the Nifty move up to 5750-5800, he adds.

  • As long as the Nifty stays above 5320 in the short term and above 5230 in the medium term then there is no need to panic, says Pradeep Surekha, technical analyst, on Zee Business. Buy Nifty with a target of 5435 and stop loss of 5220, he advises.

NIFTY 3-Month