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Market Report

Monday, 28-Nov-2011

NSE

  • Short-covering in many sectors, headed by metals, banks and oil & gas, led to a relief rally in the Indian market which traded firm throughout the day and closed with strong gains. Positive cues emanating from global markets helped the market close at the high point of the day. Sensex shut shop at 16167, up 471 points and Nifty at 4851, up 141 points from the previous close.

  • Top Nifty gainers today were Hindalco, IDFC and ACC while losers included Bajaj Auto and Hero MotoCorp.

  • The fall in rupee is forcing traders to liquidate positions and the rupee decline will affect every investor in the market, says Deven Choksey of KR Choksey Shares & Securities on NDTV Profit. If the Nifty falls below 4700 this could trigger a fresh round of selling, he adds. He recommends investors not to buy stocks at lower levels but to save capital in cash and later invest in equities.

  • FDI in retail augurs well for the stalled reforms process, says Prabhat Awasthi of Nomura on CNBC TV18. Our portfolio stance is positioned to take advantage of the peaking out of inflation and the rate hiking cycle, he adds.

  • Go long in the market only if the Nifty closes above 4800 with a target of 4900 and stop loss of 4780, says Apurva Seth of JHP Securities on Zee Business. Below 4700 the Nifty could fall to 4700-4650, he adds.

  • Gap-up openings will be difficult to sustain and so one should go short, says Ashwani Gujral, technical analyst, on ET Now.

NIFTY 3-Month