Yesterday Market Summary

Last trading day: Tuesday, 24 November

Weak global cues saw a choppy and slightly weak session for our market that closed in the negative. Sensex shut shop at 17131, down 49 points and Nifty at 5090, down 13 points from the previous close. CNX Midcap index was up 0.52% and BSE Smallcap index was up 0.36%. The market breadth was negative with advances at 600 against declines of 663 on the NSE. Top Nifty gainers included Bharti, Maruti and BPCL while losers were Jindal Steel, Tata Steel and IDFC.

The market is moving in a narrow Nifty range of 4500-5000 and consolidating, says Ashwani Gujral, technical analyst, on CNBC TV18. The market is spending time and making a base for itself to then run up higher, he adds. Once Nifty crosses levels of 4500-5110, it is likely to give large moves in either direction, he feels. Buy auto, technology, banking, pharma and FMCG stocks on dips and avoid infra, realty and capital goods stocks, he says. Buy Maruti with a target of Rs 1740, he adds.