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Market Report

Wednesday, 21-Dec-2011

NSE

  • The markets gained quite significantly today with both benchmark indices closing with more than 3% gains. All sectoral indices closed positive with banking outperforming all other sectors. Other lead gainers included consumer durables, oil & gas, auto, IT and metal. The Sensex closed at 15685, up 510 points from its previous close, and the Nifty shut shop at 4693, up 149 points.

  • The top Nifty gainers today were Sesa Goa, RCom, ICICI Bank and Tata Power while the biggest losers included IDFC, HCL Tech, Sun Pharma and Dr Reddy.

  • The markets may slip lower in the next 3-6 months, says Nilesh Shah of Envision Capital on ET Now. He believes that the best time for banks may be over. The stock market is uncomfortable with the Food Security Bill, he adds.

  • We expect the downtrend in the market to continue for the next 2-3 months, says Sandeep Bhardwaj of Derivium Tradition on NDTV Profit. We have a negative outlook on the Nifty, he adds.

  • This rally will not sustain and as long as we stay below 4630, strength will not return to this market, says Pradeep Surekha, technical analyst, on Zee Business. Once the Nifty crosses 4630 then it could move up to 4730, he adds. He advises staying away from banks and capital goods.

  • As long as the market stays below 4729 on a weekly basis, stay on the short side, says Ashwani Gujral, technical analyst, on ET Now.

NIFTY 3-Month