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Market Report

Tuesday, 13-Dec-2011

NSE

  • The markets closed with substantial gains and both benchmark indices managed to close above their psychologically important levels of 16,000 and 4800, respectively. Barring capital goods and consumer durables, all sectoral indices closed positive. Metal, oil & gas and auto remained the biggest gainers in today's session and banking and IT, too, took part in supporting the indices. The Sensex closed at 16002, up 132 points from its previous close, and the Nifty shut shop at 4801, up 36 points.

  • The top Nifty gainers today were Hindalco, Grasim, SAIL and Jindal Steel while the biggest losers included Reliance Power, L & T, Reliance Infra and BPCL.

  • The structure of the market is weak and there is more downside with some support for the Nifty at 4730-4700, says Prakash Gaba, technical analyst, on Zee Business. Sell at every opportunity with resistance coming in at 4850, he adds.

  • We could see a technical bounceback because the fall has been sharp, says PK Agarwal of Purpleline Investment on Zee Business. However, investors should wait on the sidelines with cash in hand but trading opportunity is there every day, he adds.

  • An important level on the Nifty is 4700 and it is important to see whether the fall gets arrested at this level, says Mitesh Thacker, technical analyst, on ET Now. We could get a couple of days' pullback but the overall structure is weak and we could go down to 4550-4500, he adds. He believes IT is the only bright spot in this decline.

  • The market is very close to breaching the level of 4650 and going down, says Sudarshan Sukhani, technical analyst, on CNBC TV18. The momentum on the downside is very strong, he adds. The market has to stop falling for positions to be covered, he says.

NIFTY 3-Month