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Market Report

Tuesday, 07-Sept-2010

NSE

  • It was a good day for the Indian market which saw the Nifty close above the important level of 5600 mark. Global cues were sideways with the US markets closed on account of Labor Day and Asia trading flat and choppy. Europe too is trading lower. In today's session cement stocks outperformed, followed by metals, telecom and auto. However, financials, realty and FMCG saw selling pressure. Sensex shut shop at 18645, up 85 points and Nifty at 5604, up 27 points from the previous close.

  • The market is likely to go further up and the Nifty could test 5730, says VK Sharma of HDFC Securities on CNBC Awaaz. Traders can do fresh buying, he adds.

  • The market is likely to trade in a range and then attempt to test 5650, says Sanjeev Bhasin, investment advisor, on NDTV Profit. He advises to adopt a stock-specific strategy.

  • Our market has rallied 250 points from the 5350 lows but part of the short term rally appears to be over, says Sudarshan Sukhani, technical analyst, on CNBC TV18. I do not expect the Nifty to touch 6000 levels unless it sees a 600 points correction first, he adds. Therefore, profit booking should be the order of the day, he says.

  • The market is likely to consolidate after the big run-up we saw, says Anil Singhvi, market analyst, on CNBC Awaaz. Now the market is making new highs and we can expect profit taking at 5600 level, he adds. He does not expect big movement and advises being stock specific with focus on smallcap and midcap sectors.

NIFTY 3-Month