makin97 NSETIPS @ RAKESH MAKIN: MARKET ENDED 06.04.2011 WEDNESDAY

Wednesday, April 6, 2011

MARKET ENDED 06.04.2011 WEDNESDAY

WERE TODAY'S GAINERS

MARKET ENDED 06.04.2010 WEDNESDAY

SENSEX 19612.30 -74.62

NIFTY 5891.75 -18.30

NASDAQ 2790.88 -00.31

UPDATEDTIME 09.28 PM 06 APRAIL 2011

Benchmarks ended marginally in the red after a choppy session for second consecutive days due to lack of support from bulls after the recent rally. Technology, banks and metals led the sectoral losers pack while realty, power and auto stocks showed some resistance. Meanwhile, traders continued to buy stocks from midcap space available at lower levels.

National Stock Exchange's Nifty closed at 5891.75, down 18.30 points or 0.31 per cent. The broader index touched a high of 5944.45 and low of 5868.80 intraday.

Bombay Stock Exchange's Sensex ended at 19612.20, down 74.62 points or 0.38 per cent. The 30-share index hit a high of 19811.14 and low of 19550.55 in today's trade.

We remain of the opinion that the rally from 5350 lows is now maturing at multiple resistances between 5900-5940 from where Nifty should be constricted to sideways price action or retrace down to 5800 initially and possibly at the 38.2% Fibonacci level of 5700. In the event of a close above 5940, Nifty can further extend the rally towards 6100. But this remains a low probability case under current technical setup.
BSE Midcap Index moved 0.47 per cent higher and BSE Smallcap Index gained 0.78 per cent.

Amongst the sectoral indices, BSE IT Index moved 0.69 per cent lower, BSE Bankex Index was down 0.43 per cent and BSE Metal Index slipped 0.41 per cent. BSE Realty Index was up 3.18 per cent and BSE Power Index gained 0.73 per cent.

Cairn India (-4.45%), Wipro (-3.34%), TCS (-2.07%), SAIL (-1.99%) and Bharti Airtel (-1.49%) were the top Nifty losers.

Sesa Goa (3.27%), GAIL (2.64%), Hero Honda (2.36%), NTPC (1.75%) and Reliance Power (1.68%) were the major gainers.

Market breadth was negative on the Nifty with 22 advances against 28 declines.

The European markets were moved higher in line with Asian peers and the Wall Street is also expected to follow suit. At 5:30 pm IST, Dow Jones futures was up 0.52 per cent, S&P 500 moved 0.59 per cent higher and Nasdaq advanced 0.79 per cent.