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Market Report

Friday, 10-Feb-2012

NSE

  • The markets showed some resilience despite IIP data being below expectations and closed with moderate declines. Realty, oil & gas and banking were the biggest laggards in today's session while metal showed significant gains. The Sensex closed at 17749, down 82 points from its previous close, and the Nifty shut shop at 5381, down 31 points.

  • The top Nifty gainers today were Tata Steel, SAIL, Bajaj Auto and Sesa Goa while the biggest losers included Hindalco, Ambuja Cements, Reliance Infra and ACC.

  • The markets performed well during the week and the Nifty outperformed the Sensex. Metal and banking led the rally and IT and auto, too, supported the indices well. The Sensex was up 1% while the Nifty gained 3% during the week. The CNX Midcap index was up 3%, BSE Smallcap gained 3% and the Bank Nifty, too, closed with 3% gain over the week.

  • The short-to-medium term outlook on the Nifty is positive and the strength is intact with a medium-term target of 5600-5700, says Somil Mehta of Sharekhan on Zee Business. Buy with a short-term target of 5500-5520 and stop loss of 5360, he adds.

  • There is resistance for the Nifty at 5435 and 5480, says Prakash Gaba, technical analyst, on Zee Business. If the Nifty breaks below 5370 then selling pressure will come, he adds.

  • There are clear and visible signals that the market is headed upwards and the Nifty should be able to cross 6300, says Sudarshan Sukhani, technical analyst, on CNBC TV18. This is a bull market and so one should stay on the long side and not go short, he advises.

  • The weekly and monthly charts are looking very positive and this momentum could extend up to 5600, says Mitesh Thacker, technical analyst, on ET Now. There is minor resistance for the Nifty at 5525, he adds.

NIFTY 3-Month