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Market Report

Tuesday, 29-Nov-2011

NSE

  • It was a down day for the Indian market after the sharp relief rally it witnessed yesterday and today, sectors like banks, metals, autos and oil & gas came under the pressure of profit taking. However, some support was provided by FMCG and select auto stocks. The broader markets traded in sync with the largecaps. Sensex shut shop at 16008, down 158 points and Nifty at 4805, down 46 points from the previous close.

  • Top Nifty gainers today were Dr Reddy's, Bajaj Auto and Mahindra & Mahindra while losers included PNB, Jindal Steel & Power and Bharti Airtel.

  • This is a market not to sell into but to look for opportunities to buy, says Manish Sonthalia of Motilal Oswal Securities on NDTV Profit. The levels to go long are 16000 and 4600-4700 for the Sensex and Nifty, respectively, with a 6-12 months view, he adds.

  • The market could go through a slow grind to the upside and important levels now are 4820-4825, says Mitesh Thacker, technical analyst, on ET Now. This bounceback could take the Nifty up to 4820 and 4980, he adds. The Bank Nifty is looking good to move up to 9250-9300 with strong support at 8200, he says.

  • The trend of the market continues to be bearish in the long term and so play on the short side, says Sudhanshu Pandey of FRR Shares and Securities on NDTV Profit. The upside for this relief rally is capped at 5050-5100, he adds.

  • The market is likely to trade choppy and to stay positive, the Nifty needs to stay above 4825, says Ashwani Gujral, technical analyst, on ET Now. There is support at 4791 with resistances coming in at 4884 and then 4918, he adds. He advises holding on to longs with target of 4950-5000.

NIFTY 3-Month