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Market Report

Monday, 09-Jan-2012


  • It was a flat and choppy day of trade for the Indian market which saw thin volumes and lacklustre moves but recovery from the low point of the day helped the indices close with marginal losses. Oil & gas, FMCG and auto stocks were under pressure today but some support came from capital goods and metals. Sensex shut shop at 15814, down 34 points and Nifty at 4742, down 4 points from the previous close.

  • Top Nifty gainers today were BHEL, Cipla and Jaiprakash Associates while losers included Bharti Airtel, Sesa Goa and SBI.

  • The market is likely to remain rangebound and action will be more stock specific, says Avinash Gorakshakar of on NDTV Profit. The market will take cues from the IIP data and inflation figures out this week, he adds but believes 4700 would not be broken.

  • The market is likely to remain rangebound between 4700 on the downside and 4800 on the upside, says PK Agarwal of Purpleline Investment on Zee Business. Till the market does not break out decisively on either side, do not take any call on the Nifty, he advises.

  • Upside for the moment appears capped at 4800 and once this is crossed would we then see an upmove to 4920-4950 and then even 5000, says Mitesh Thacker, technical analyst, on ET Now. The level of 4690 would provide an intra-day support and if this is breached then the Nifty could go down to 4600-4550, he adds.

  • The market is likely to go higher, probably to 4900-4950, before resuming its downtrend, says Ashwani Gujral, technical analyst, on ET Now. For the week, an important level is 4709 and if we close below this then weakness will come in, he adds.

NIFTY 3-Month