Yesterday Market Summary

Last trading day: Monday, 14 December

It was a lackluster Monday for our market that closed flat for the day. The market saw profit booking in late trade despite positive global cues. Experts believe Nifty has stiff resistance at 5150-5180 and once these are crossed it will rally up swiftly. There is sector rotation too and today cement stocks were on the rise. Sensex shut shop at 17097, down 21 points and Nifty at 5105, down 11 points from the previous close. CNX Midcap index was down 0.67% and BSE Smallcap index was down 0.45%. The market breadth was negative with advances at 420 against declines of 851 on the NSE. Top Nifty gainers included ACC, Ranbaxy and Grasim while losers were Bharti Airtel, HUL and Idea.  

3:57 PM - If Nifty breaks 5080 it could head to 5030, says Rahul Mohindar, technical analyst, on CNBC TV18. His top picks for short-term gains are Nucleas Software(target Rs 155), Gujarat NRE Coke (target Rs 72-81) andVijay Bank on dips for a target of Rs 62-65.  

Nifty has strong support at 5080 and one can stay long with a stop loss of 5075, says Salil Sharma of Kapoor & Sharma Company on CNBC Awaaz. Nifty needs to close above 5110 then one can expect a rally, he says. Avoid banking stocks as they are trading sideways with a negative bias, he feels. His top picks for short-term gains are BPCL, Dr Reddy and Alstom Projects.   »  Send to friends

There is no clear trend in the market, feels Sajeev Dhavan of JV Capital on CNBC TV18. There is lack of convincing buying around 4600-4800 levels, he says. Valuations are on the higher side, he feels. Frontline stocks like RIL, auto, IT and banking space need to participate for Nifty to cross 5200 convincingly, he says.

It was a fairly volatile session and the market fell in late trade to close flat. Today there was buying in the beaten out of shape cement sector and IT space. Sensex closed at 17087, down 31 points (provisional) and Nifty at 5102, down 15 points (provisional) from the previous close. CNX Midcap index was down 0.77% andBSE Smallcap index was down 0.47%. The market breadth was negative with advances at 428 against declines of 837 on the NSE.