makin97 NSETIPS @ RAKESH MAKIN: MARKET ENDED 07.04.2011 THURSDAY

Thursday, April 7, 2011

MARKET ENDED 07.04.2011 THURSDAY

WERE TODAYS GAINERS

MARKET ENDED 07.04.2010 THURSDAY

SENSEX 19591.18 -21.02

NIFTY 5885.70 -06.05

NASDAQ 2787.72 -12.10

UPDATEDTIME 09.28 PM 07 APRAIL 2011

Benchmarks remained sluggish for third straight session and ended marginally lower as bulls took a breather following two-week rally. Meanwhile, traders continued to accumulate stocks from broader markets at lower levels.

According to experts the market is consolidating after the sharp rally and the short-term trend is bullish.

I would bet on a consolidation with the warning that the markets can do whatever they want but the trend is up. After an uptrend, after a relentless 12 days of up moves, the market is going in a hurdle.

Only when the key levels are broken on the downside, should we start thinking of a correction, a deep correction. Otherwise this consolidation is a correction in terms of time.

The short term trend is up, buy at every dip. My suggestion that you wait for 40-50 point dips in the Nifty intraday and buy then, that has worked well because we are getting these dips almost every day.
National Stock Exchange's Nifty closed at 5885.70, down 6.05 points or 0.10 per cent. The broader index touched a high of 5906.10 and low of 5866.25 intraday.

Bombay Stock Exchange's Sensex ended at 19591.18, down 21.02 points or 0.11 per cent. The 30-share index hit a high of 19665.09 and low of 19537.02 in today's trade.

BSE Midcap Index moved 0.98 per cent higher and BSE Smallcap Index gained 1.25 per cent.

Amongst the sectoral indices, BSE IT Index was down 0.71 per cent, BSE Oil&gas Index slipped 0.49 per cent and BSE PSU Index declined 0.31 per cent. BSE Realty Index was up 1.12 per cent, BSE Capital Goods Index edged 0.53 per cent higher and BSE Healthcare Index advanced 0.42 per cent.

NTPC (-3.13%), Sesa Goa (-3.09%), ONGC (-2.16%), Cain India (-1.93%) and TCS (-1.89%) were top Nifty losers.

HDFC (2.44%), BPCL (1.82%), Hindalco (1.55%), Wipro (1.51%) and HCL Tech (1.47%) were the major gainers.

Market breadth was positive on the NSE with 1911 advances against 1020 declines