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Market Report

Tuesday, 31-Jan-2012


  • The markets performed well today with all sectoral indices closing positive. Though banking, realty, auto and metal were the biggest gainers in today's session, oil & gas and IT, too, contributed significantly to the upward movement. The Sensex closed at 17193, up 330 points from its previous close, and the Nifty shut shop at 5199, up 112 points.

  • The top Nifty gainers today were Hindalco, RCom, Sesa Goa and IDFC while the biggest losers included Coal India, Siemens, PNB and Cairn.

  • My view on the Nifty for today was neutral and one day's decline does not justify taking short positions, says Sudarshan Sukhani, technical analyst, on CNBC TV18. The level of 5050 should hold with strength, he adds.

  • All rallies should be used to exit long positions because weakness could emerge in the short term, says Mitesh Thacker, technical analyst, on ET Now. A key support would be 5000 which the Nifty could test in 2-3 days, he adds. He believes the market would face strong resistance at 5200-5205.

  • The market has entered a corrective mode and there is more downside likely before it begins to rally again, says Ashwani Gujral, technical analyst, on ET Now. For the day, the Nifty needed to stay above 5109 to remain positive with supports at 5053 and 5019 and resistances at 5143 and then 5199, he adds.

NIFTY 3-Month