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Market Report

Thursday, 29-Mar-2012


  • The markets recovered significantly in the last few minutes of trade to close with only moderate losses. Capital goods, IT and FMCG dragged the markets down while healthcare, consumer durables, auto and metal provided support to the indices. The Sensex closed at 17059, down 63 points from its previous close, and the Nifty shut shop at 5179, down 16 points.

  • The top Nifty gainers today were Tata Power, Ranbaxy, Jindal Steel and BPCL while the biggest losers included Siemens, Reliance Communications, L & T and Bharti Airtel.

  • We expect the market to remain rangebound, says Bharat Iyer of JP Morgan on CNBC TV18. He believes that fuel price hike and clarity on FII taxation are the near-term triggers.Our Year-end Sensex target is 19,000 and we are Overweight private sector banks, industrials and telecom and Underweight consumer staples and cement, he adds.

  • Once we break the 200-DMA, it will lead to short selling and will take the Nifty to the levels of about 5,000-5,050 levels, says Ambareesh Baliga of Way2Wealth on CNBC TV18. He recommends buying at those levels because he thinks most of the negatives are already priced in. On the positive side, for the first time, we are seeing some pressure on oil because the sort of inventories which have built up and with the possibility of China slowing down, that should be good for commodities and for India, he adds.

  • If the Nifty gives a closing below 5150 then we could see a fall of 150-200 points, says Kunal Saraogi, technical analyst, on CNBC Awaaz. He advises unwinding all long positions in that case.

NIFTY 3-Month