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Market Report

Wednesday, 02-May-2012

NSE

  • The markets lost the gap-up openings in the afternoon to close with moderate declines. Auto, power and capital goods counters remained under pressure while media stocks gained significantly. Consumer durables, tech and IT, too, closed with substantial gains. The Sensex closed at 17302, down 17 points from its previous close, and Nifty shut shop at 5239, down 9 points.

  • The top Nifty gainers today were DLF, Bharti Airtel, Cipla and HUL while the biggest losers included Tata Motors, Maruti Suzuki, Grasim and ACC.

  • The market is trading in a small range of 5150 and 5400, says Somil Mehta of Sharekhan on NDTV Profit. If the Nifty gives a closing below 5150 then we could fall further to 4900, he adds.

  • Hold long positions in the Nifty with a short-term target of 5300-5320 and stop loss of 5220, says Simi Bhaumik, technical analyst, on Zee Business.

  • We are now closer to the upside supply levels but market will continue to be rangebound, says Mitesh Thacker, technical analyst, on ET Now. Critical levels for the Nifty are 5270-5280, he adds.

  • The short-term momentum is on the upside, says Ashwani Gujral, technical analyst, on ET Now. We should now head higher towards the higher end of the trading range of 5160-5340 so buy on dips with a stop loss of 5230, he adds.

NIFTY 3-Month