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Market Report

Tuesday, 10-Jan-2012


  • Positive global cues had the Indian market break out of its 2-3 week trading range and move higher crossing important resistance levels. Broadbased buying saw the indices post huge gains, particularly in banks, metals, capital goods and oil & gas sectors. Trade volumes were smart, too. Sensex shut shop at 16165, up 350 points and Nifty at 4849, up 106 points from the previous close.

  • Top Nifty gainers today were Reliance Power, PNB and Mahindra & Mahindra while losers included Ranbaxy and TCS.

  • Recent global macro data has been good, but the EU's deleveraging story may continue to weigh on Asian markets in early 2012, particularly given a heavy sovereign issuance calendar in Q1, says Timothy Moe of Goldman Sachs on CNBC TV18. We have softened the near-term downside in our target and continue to expect a wide trading range this year, he adds.

  • The trend of the market on weekly charts is bearish and the upside appears capped at 4840-4950, says Sudhanshu Pandey of FRR Shares and Securities on NDTV Profit. But there are opportunities to make money in a short span of time by being stock specific, he adds. He sees support for the Nifty at 4588.

  • We expect Nifty's FY13 earnings estimates to be cut by 300 bps, says Neelkanth Mishra of Credit Suisse on CNBC TV18. He believes most market participants seem to be bearish, as would be logical when the momentum is so weak but that is not a bullish sign yet.

  • The market is likely to remain in a range for the next few days but the bias is still on the positive side as long as the midcaps perform, says Mitesh Thacker, technical analyst, on ET Now.

NIFTY 3-Month