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Market Report

Tuesday, 07-Feb-2012

NSE

  • It was a rangebound session in the markets today with oil & gas and banking providing support to the indices. Realty and capital goods remained the worst performers and metal and tech, too, tried to pull the markets down. The Sensex closed at 17622, down 85 points from its previous close, and the Nifty shut shop at 5335, down 26 points.

  • The top Nifty gainers today were Kotak Mahindra Bank, Cairn, ITC and RIL while the biggest losers included BHEL, JP Associates, Tata Steel and RCom.

  • The market could come in for correction in a day or two and so we are advising caution, says AK Prabhakar of Anand Rathi Securities on Zee Business. He sees support for the Nifty at 5200.

  • The momentum of the market is strong with resistance for the Nifty at 5400-5435, says Prakash Gaba, technical analyst, on Zee Business. Hold long positions with a trailing stop loss of 5325, he adds.

  • Hold long positions in the Nifty with a target of 5400 and use all declines to 5300-5280 to buy, says Aditya Agarwal of Way2Wealth on CNBC Awaaz.

  • Overall, the trend of the market is up and if the Nifty gives a weekly closing above 5360 then the medium-term target would be 5600, says Mitesh Thacker, technical analyst, on ET Now. If the CNX IT manages to close above 6400 then it will pick up momentum, he adds.

NIFTY 3-Month