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Market Report

Wednesday, 28-Mar-2012


  • The markets closed with significant losses today and barring FMCG and healthcare, all sectoral indices closed negative. Consumer durables, banking, oil & gas and realty were the biggest losers in today's session and power and metal, too, lost significantly. The Sensex closed at 17122, down 136 points from its previous close, and the Nifty shut shop at 5195, down 48 points.

  • The top Nifty gainers today were Tata Steel, Dr Reddy's, Ranbaxy and Maruti while the biggest losers included JP Associates, Cairn India, Reliance Power and Kotak Mahindra Bank.

  • The market could trade in a range for some time, with 5150 on the downside and 5300 on the upside, says Dharmesh Shah of ICICI Direct on Zee Business. If the Nifty is able to trade above 5295, which is a crucial level for the market, then only will there be an uptrend otherwise trade will remain lacklustre, he adds.

  • The market is likely to remain volatile and we could see a reactive upmove up to 5300-5350, says Prakash Gaba, technical analyst, on Zee Business. He sees support for the Nifty at 5170.

  • In the short term, the market is likely to remain choppy but the long-term picture appears to be positive, says Mitesh Thacker, technical analyst, on ET Now. For some time, we could stay in a 150-point range with support at 5150 and resistance at 5275-5300, he adds.

  • If there is any news related information that comes out from the Finance Ministry in terms of the relook that they are having at GAAR with Mauritius it could perhaps take the market into the 5,270-5,300 levels which could perhaps be the expiry for tomorrow, says Vineet Bhatnagar of MF Global on CNBC TV18.

NIFTY 3-Month