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Market Report

Thursday, 10-May-2012

NSE

  • The markets closed with moderate losses today with metal, auto and power being the worst performers. Banking, IT and realty, too, closed negative and oil & gas and consumer durables were the only two sectors that closed positive. The Sensex closed at 16420, down 60 points from its previous close, and the Nifty shut shop at 4966, down 9 points.

  • The top Nifty gainers today were Cairn India, IDFC, BPCL and Axis Bank while the biggest losers included Maruti Suzuki, Jindal Steel, Ranbaxy and PNB.

  • We have a Sensex target of 19,300 by year end, indicating an upside of 14%, says Jitendra Sriram of HSBC Securities on CNBC TV18.

  • The bias of the market is on the buy side but 4950 is a critical level, says Azim Ahmed of ICICI Direct on Zee Business. If this is breached then weakness will increase, he adds. Banks and metals are likely to see selling pressure but market will see some support from capital goods and FMCG, he says.

  • There is still more downside left in the market and upside is capped at 5100, says Ashwani Gujral, technical analyst, on ET Now. Hold short positions and do not trade any pullbacks, he advises. He sees 4984 as key level.

  • The last semblance of support for the Nifty now is 4950 and if this is breached then the downside will open up all the way to 4200, says Sarvendra Srivastav, independent market analyst, on NDTV Profit. Upside appears capped at 5050, he adds.

  • April export figure was up 3.2% at $24.5 bn, import up 3.8% at $37.9 bn while trade deficit was at $13.4 bn, says Trade Secretary, reports NDTV Profit.

NIFTY 3-Month