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Market Report

Thursday, 02-Feb-2012

NSE

  • The markets traded in a range today and closed with moderate gains. Tech, IT and metal were the best performers in today's session while FMCG, healthcare and consumer durables tried to pull the markets down. The Sensex closed at 17432, up 131 points from its previous close, and the Nifty shut shop at 5270, up 34 points.

  • The top Nifty gainers today were Bharti Airtel, HCL Tech, ACC and Sesa Goa while the biggest losers included IDFC, Reliance Communications, Reliance Power and Dr Reddy's.

  • Book profits in current long positions and do not go short at these levels, says Pradip Hotchandani of Prudent Broking on Zee Business. Once the Nifty support of 5150-5100 is breached then create short positions, he adds.

  • The strategy should be to stay on the long side with a trailing stop loss, says Ashwani Gujral, technical analyst, on ET Now. For the day, the Nifty needed to remain above 5212 to stay positive, he adds.

  • We could have a couple of days of volatility and profit booking in the short term but in the medium-term the market is likely to go higher, says Mitesh Thacker, technical analyst, on ET Now. So keep on the long side, he adds. He sees 5360 as a critical level.

NIFTY 3-Month