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Market Report

Wednesday, 07-Dec-2011

NSE

  • The markets lost significantly in the last one hour to close with only moderate gains. IT was the biggest gainer in today's session and support also came from FMCG, realty, capital goods and auto. Telecom remained a laggard today and selling pressure was there on some PSU counters, too. Healthcare and consumer durables were the worst performers in today's trading session. The Sensex closed at 16877, up 72 points from its previous close, and the Nifty shut shop at 5063, up 23 points.

  • The top Nifty gainers today were RCom, Wipro, HCL Tech and Infosys while the biggest losers included NTPC, Bharti Airtel, Coal India and Sun Pharma.

  • The downside seems to be more or less done for and next week we could see a breakout on the upside on the back of positive global cues, says Sanjeev Bhasin, market analyst, on NDTV Profit. In the next few days we could see the Nifty move up to 5300 and by this month end the target is 5500, he adds.

  • The market is likely to see resistance at 5070 but this should easily be broken on the upside, says Sudarshan Sukhani, technical analyst, on CNBC TV18. So hold on to long positions with a target of 5200, he adds.

  • For the next 5-7 trading sessions, there will be firm support for the Nifty at 4950-4920 so hold on to long positions or buy on dips, says Mitesh Thacker, technical analyst, on ET Now. There is no indication that the uptrend is over and a likely upside target is 5150-5200, he adds.

NIFTY 3-Month