Yesterday Market Summary

Last trading day: Tuesday, 10 November

Quiet global cues and a lackluster day of trade saw the market end in the negative. The market lost all its morning gains to profit booking by the day end. Experts feel the market could consolidate for a few days now. While metals outperformed, realty stocks continued to get pounded. Sensex shut shop at 16440, down 58 points and Nifty at 4881, down 16 points the previous close. CNX Midcap index was up 0.32% and BSE Smallcap index was down 0.38%. The market breadth was negative with advances at 559 against declines of 714 on the NSE. Top Nifty gainers included Tata Motors, Ambuja Cement andCipla while losers were Hero Honda, Bharti Airtel andDLF. The short-term trend is up, market could be in a range of 4850-4950. Till Nifty trades above 4830 no need to go short. There will be more pressure on the upside, but buy the dips and book part profits in rises. Buy SBI with a target of Rs 2400-2450 and ICICI Bank with a target of Rs 920-930.

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