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Market Report

Thursday, 17-May-2012


  • Negative cues from European markets took their toll today and the indices shed all the morning gains in the afternoon. FMCG, realty and metal outperformed all other sectors and closed with substantial gains while capital goods, consumer durables and auto lost significantly. The Sensex closed at 16070, up 40 points from its previous close, and the Nifty shut shop at 4870, up 12 points.

  • The top Nifty gainers today were Ambuja Cements, SAIL, ITC and JP Associates while the biggest losers included Reliance Infra, L & T, Mahindra & Mahindra and Bajaj Auto.

  • Every rally should be used to lighten positions with stiff resistance at 4985, says AK Prabhakar of Anand Rathi Securities on Zee Business. As long as 4750 is not breached, we are safe with strong support at 4800, he adds.

  • The market is likely to see selling pressure at higher levels which would bring it down, says Sandeep Wagle of Aptart India on ET Now. The Nifty will find it difficult to cross 4930, he adds.

  • This is the best time for investors to accumulate, says Sajeev Dhavan of JV Capital on ET Now. We could see bounceback in the markets once FIIs return, he adds.

  • We could see a pullback to 4900-4930 where one should initiate short positions with a stop loss of 5050, says Sarvendra Srivastav, independent market analyst, on NDTV Profit. Dollar-rupee equation remains a matter of concern, he adds.

NIFTY 3-Month