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Market Report

Tuesday, 08-Nov-2011

NSE

  • It was a flat closing in the markets today with consumer durables, banking and capital goods being the lead gainers. ADAG stocks, too, made significant gains while realty, healthcare and auto closed in the red. The Sensex closed at 17570, up 7 points from its previous close, and the Nifty shut shop at 5289, up 5 points.

  • The top Nifty gainers today were Cairn, Reliance Communications, Reliance Infra and Reliance Power while the biggest losers included BPCL, Sun Pharma, IDFC and HCL Tech.

  • While there could be additional follow through to the upside in the near-term, the risk-reward looks unattractive for new long positions, says Laurence Balanc of CLSA on CNBC TV18. As such, we would reduce exposure on any further strength in the market, he adds. He sees the Nifty resistance at around 5400.

  • The market is in a state of consolidation and moving within a range of 200 points, says Mitesh Thacker, technical analyst, on ET Now. Buy at 5230-5240 with a target of 5340-5350 and stop loss of 5200, he adds. He advises creating shorts on rallies to around 5380.

NIFTY 3-Month