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Market Report

Tuesday, 22-Nov-2011

NSE

  • It was a positive day for the Indian market which closed with substantial gains though off the day's highs. Metals and technology provided the much-needed support for the market following eight days of weakness while the auto, oil & gas and capital goods sectors, too, witnessed buying interest. Sensex shut shop at 16065, up 119 points and Nifty at 4812, up 34 points from the previous close.

  • Top Nifty gainers today were Tata Motors, Jaiprakash Associates and BPCL while losers included Siemens, Bharti Airtel and Kotak Mahindra Bank.

  • All rallies should be used as selling opportunities, says Sudhanshu Pandey of FRR Shares and Securities on NDTV Profit. He sees support at 4730-4400-4000 and resistances at 4870-4915-5050. Upside is capped at 5050 and this should be used to go short, he adds. For the month of December, buy 4400 Put and average it on the way up, he advises.

  • Uncertainty remains in the market with the bias trending down, says Sangeeta Purshottam of Nine Rivers Capital on NDTV Profit. She does not think the markets have bottomed out and believes that more pain is to come in the near term. She sees support for the Nifty at 4700.

  • We are likely to see a pullback with could take the Nifty up to 4845-4865, says Gaurang Shah of Geojit BNP Paribas on NDTV Profit. Use this rally to lighten up your long positions, he adds. It would be important to see if the Nifty level of 4700 holds out or not, he says.

NIFTY 3-Month