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Market Report

Tuesday, 03-Apr-2012

NSE

  • The markets made smart gains today with consumer durables, capital goods, oil & gas and metal leading the rally. Banking, realty and power, too, made significant gains. IT, auto and healthcare closed negative. The Sensex closed at 17597, up 119 points from its previous close, and the Nifty shut shop at 5358, up 41 points.

  • The top Nifty gainers today were JP Associates, Cairn India, Hindalco and Sesa Goa while the biggest losers included Dr Reddy's, Hero MotoCorp, Maruti Suzuki and TCS.

  • The momentum of the market is strong and though we could see consolidation, the short-to-medium term outlook is positive, says Somil Mehta of Sharekhan on Zee Business. There is crucial support for the Nifty at 5300, he adds.

  • The daily momentum is on the buy side and there is more strength than weakness in the market, says Sarvendra Srivastav, independent market analyst, on NDTV Profit. The level of 5400 remains a breakout point with a target of 5950-6000 on the Nifty, he adds.

  • An important resistance for the market is 5385 and if this is crossed then we could move up to 5490 and then eventually 5650, says Azim Ahmed of ICICI Direct on Zee Business. If 5385 is not breached on the upside, then we could stay in a range of 5200 and 5400 with action being more stock specific, he adds. In that case, buy at 5300 with a target of 5385 and above 5385, buy with a target of 5450, he advises.

  • The momentum of the market is on the upside and eventually, we should get closer to 5500-5600, says Ashwani Gujral, technical analyst, on ET Now.

NIFTY 3-Month