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Market Report

Tuesday, 22-May-2012

NSE

  • It was a disappointing end to a session which opened strong and traded with a positive bias until noon after which the market turned nervous and gave up all its gains following record weakness in the rupee. Heavyweights tumbled pulling the Nifty down below 4900 where it closed. Sensex shut shop at 16026, down 156 points and Nifty at 4860, down 45 points from the previous close.

  • Top Nifty gainers today were TCS, HCL Technologies and Tata Motors while losers included Sesa Goa, Tata Power and Maruti Suzuki.

  • The market is likely to be volatile for the next few weeks with Nifty unlikely to sustain above 5100 levels, says Sajiv Dhavan of JV Capital Services on NDTV Profit.

  • Create short positions in the Nifty with a target of 5050-5070 and stop loss of 4900, says Sarvendra Srivastav, independent market analyst, on NDTV Profit.

  • Selling pressure is likely to come in at higher levels so upside is limited, says Mitesh Thacker, technical analyst, on ET Now. We could see choppiness continue for the next few days with move of 150-200 points, he adds.

NIFTY 3-Month