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Market Report

Wednesday, 19-Aug-2009


  • It was a difficult day of trade and weak cues from Asia and Europe dragged our market down. On the domestic front, the slide was also led by oil and gas, metal and cement stocks and all BSE sectoral indices closed in the negative today. Experts feel the market is looking weak and could be headed lower. Sensex shut shop at 14809, down 225 points and Nifty at 4394, down 64 points from the previous close.

  • Nifty has next support at 4240 and then it could head to 4120, says Mitesh Thakkar, technical analyst, on CNBC TV18. But midcap IT stocks could outperform and one can buy them on dips for the long term, he feels.

  • The pressure from global markets, global liquidity drying up and on the domestic front monsoon worries, RNRL-RIL dispute and profit booking are all factors adding to the weakness in the market, says D D Sharma, market expert, on CNBC Awaaz. Nifty could see 4100 levels in one week, he adds.

  • The market is likely to be rangebound till the year end, says Vibhav Kapoor of IL&FS on CNBC TV18. The Nifty range could be 3900-4000 on the lower end, where we would buy and 4700 on the upper end where we would sell, he adds.

  • The global rally is getting tired and valuations seem slightly stretched, says Hans Goetti of LGT Bank on CNBC TV18. He believes that the markets may remain choppy and sees support for the Sensex at 14450 and then at 12850.

NIFTY 3-Month