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Market Report

Tuesday, 20-Mar-2012

NSE

  • It was a choppy day of trade in the markets with global pressures adding to the volatility. Consumer durables, realty, FMCG and banking supported the indices well while auto dragged them down. The Sensex closed at 17316, up 43 points from its previous close, and the Nifty shut shop at 5275, up 18 points.

  • The top Nifty gainers today were JP Associates, PNB, BPCL and Sun Pharma while the biggest losers included Tata Motors, Coal India, Hindalco and HCL Tech.

  • With no positive surprises from the Budget, the market is now back to following global trends, says Abhay Laijawala of Deutsche Equities on CNBC TV18. He believes that with no domestic macro impetus, it is unlikely that India can maintain its recent outperformance. The Credit Policy and anticipated fuel hike in April and the monsoon forecast are going to be the next prospective catalysts for the markets, he adds.

  • The short-term trend of the market is looking a bit weak and one should give more weightage to the longer-term set-up, says Sarvendra Srivastav, independent market analyst, on NDTV Profit. The Nifty is likely to remain rangebound for the next one week, between 5160 and 5340, he adds.

  • In the short term, the market is looking weak and 5278 must hold for the Nifty to stay positive, says Ashwani Gujral, technical analyst, on ET Now. There is resistance first at 5318 and then 5380 with support at 5216 and then 5176, he adds. He believes that if the Nifty breaches 5178-5170 on the downside then it would mean an end of the uptrend.

  • The short term trend of the market is down and it will trade subdued, says Mitesh Thacker, technical analyst, on ET Now. If the Nifty takes out 5160 on the downside, then we could see a fall of 100-150 points, he says.

NIFTY 3-Month