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Market Report

Thursday, 02-Sept-2010

NSE

  • It was a flat day of trade for the Indian market which witnessed some volatility and could not hold on to its opening gains. Action was more stock specific in today's trade though sector-wise, we saw banking and sugar stocks do well. Sensex shut shop at 18238, up 32 points and Nifty at 5486, up 14 points from the previous close.

  • The market is likely to open higher and we will see a steady session, says Anil Singhvi, market analyst, on CNBC Awaaz. The Nifty should stay in the range of 5470-5550 and traders should buy below 5500 and book profits at 5550 level, he adds.

  • India has been posting fairly strong economic data and this trend is likely to continue, says Nitin Rakesh of Motilal Oswal Asset Management Company on CNBC TV18. No doubt we have been trading in a range but that too has been constantly moving higher and it has been a fairly strong environment for us where every dip is seen as a buying opportunity, he adds. He thinks that the dip too continues to be fairly limited, no more than 5-7% at any given point in time.

  • The next leg of the downtrend should see more bearish momentum leading to substantial damage and 5350 is the widely followed support and some playing around this point is likely before it is broken, says Gautam Shah of JM Financial on CNBC TV18. A significant development has taken place on the currency side with the rupee closing at 47/dollar, which confirms a major breakout that could easily lead to a move towards 49/dollar in the next couple of months, he adds. He believes this is an indication of a big sell-off in equity markets and that September has the potential to be one of the weakest since March 2009.

NIFTY 3-Month