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Market Report

Wednesday, 08-Aug-2012


  • It was a volatile session in the markets today with both benchmark indices closing flat after hovering both ways. Realty, banking and capital goods were the biggest losers in today's session while auto and metal closed with significant gains. The Sensex closed at 17601, down 1 point from its previous close, and the Nifty shut shop at 5338, up 1 point.

  • The top Nifty gainers today were M-and-M, BPCL, Hindalco and Grasim while the biggest losers included Bharti, GAIL, DLF and PNB.

  • A weekly closing above 5400 will indicate that the bear market is over, says Amit Harchekar of IIFL on Zee Business. Or else, we could come in for a big breakdown which could take the Nifty down to 5100, he adds.

  • Prices have broken out past 5301, supported by largecaps, says Sarvendra Srivastav, technical analyst, on NDTV Profit. There is a minor hurdle at 5400-5420 and once this is crossed, highs of 5630 will get tested, he adds. Buy 5400 Call at Rs 45-50, he advises.

  • Nifty levels of 5350-5370 should be violated on the upside in the next few days, says Mitesh Thacker, technical analyst, on ET Now. Next target then would be 5570-5580, he adds.

NIFTY 3-Month