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Market Report

Wednesday, 01-Feb-2012

NSE

  • Despite some hiccups from consumer durables and FMCG, the markets performed well today. Metal and capital goods were the best performers in today's session while auto and realty, too, made smart gains. The Sensex closed at 17301, up 107 points from its previous close, and the Nifty shut shop at 5236, up 36 points.

  • The top Nifty gainers today were Tata Power, Jindal Steel, Tata Steel and JP Associates while the biggest losers included Coal India, BPCL, ICICI Bank and Power Grid.

  • As the Nifty crossed 5217 the upward momentum will resume led by banks and metals, says Azim Ahmed of ICICI Securities on Zee Business. A closing above 5220 will take the Nifty up to 5260-5300, he adds.

  • Those who hold long positions should continue to do so and all intra-day declines should be used to take fresh long positions, says Sudarshan Sukhani, technical analyst, on CNBC TV18.

  • Yesterday's rally was a big surprise but we could see some volatility and profit booking happening at 5250, says Mitesh Thacker, technical analyst, on ET Now. In the medium term, he sees the market go higher but in the short term, he expects it to take a breather.

NIFTY 3-Month