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Market Report

Monday, 30-Jan-2012

NSE

  • The markets closed with significant losses today with all sectoral indices closing in the red. Capital goods nosedived to close with more than 5% loss while realty, metal and banking, too, played significant roles in pulling the markets down. Along with largecap counters, the broader markets also faced severe selling pressure, closing substantially down. The Sensex closed at 16863, down 371 points from its previous close, and the Nifty shut shop at 5087, down 117 points.

  • The top Nifty gainers today were Sun Pharma, Ranbaxy, Bajaj Auto and Jindal Steel while the biggest losers included BHEL, Sterlite Industries, Sesa Goa and JP Associates.

  • For the first time in three months, the weekly momentum indicators are showing positive reading so the strategy should now be buy on dips instead of sell on rallies, says Sarvendra Srivastav, independent market analyst, on NDTV Profit. Buy on dips to 5050 or once the Nifty crosses 5300, he advises. He sees support at 4900.

  • The market is likely to be under pressure in the short term and we could see it come down to below 5100 which would provide a good buying opportunity, says Azim Ahmed of ICICI Securities on Zee Business. If the Nifty is able to give a closing above 5217 then a rally would take it to 5350-5400 in the first half of the February series, he adds. Till then the range for the Nifty would be 5050-5200, he says.

  • The market is extremely overbought in the short term and for the next 4-5 days I do not see the market going up, says Mitesh Thacker, technical analyst, on ET Now. There is support at 5070 and the Nifty would find it difficult to cross 5250, he adds.

NIFTY 3-Month