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Market Report

Wednesday, 08-Feb-2012


  • The markets traded in a range today with consumer durables, realty and IT being the best performers. Other sectors with significant gains include metal, oil & gas and power. Banking was moderately down and that stopped the indices from making any further gains. The Sensex closed at 17707, up 85 points from its previous close, and the Nifty shut shop at 5368, up 33 points.

  • The top Nifty gainers today were Reliance Infra, Hindalco, JP Associates and GAIL while the biggest losers included Bharti Airtel, ICICI Bank, ONGC and SAIL.

  • The current upmove is not showing much strength, says Pradip Hotchandani of Prudent Broking on Zee Business. Avoid fresh positions but hold existing longs with a trailing stop loss of 5280, he adds.

  • We could come in for a bit of profit booking in the short term, says Mitesh Thacker, technical analyst, on ET Now. An important support level is 5250 and if this is taken out then we could even test levels of 5180, he adds.

  • Selling could continue in the market with the Nifty facing resistances at 5385 and 5400, says Dharmesh Shah of ICICI Direct on Zee Business. Important levels are 5330-5340 and if this is breached on the downside then selling could increase and we could go down to 5200-5100, he adds.

  • There is important support for the Nifty at 5282 so those with long positions should hold them with a target of 5400 and stop loss of 5282, says Prakash Gaba, technical analyst, on Zee Business.

NIFTY 3-Month