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Market Report

Wednesday, 08-Sept-2010

NSE

  • It was a flat day of trade for the Indian market which, barring some intra-day volatility, looked quiet though positive. Sectors like IT and cement showed strength but a few index heavyweights were soft today. However, the Nifty managed to hold on to the important psychological level of 5600. Sensex shut shop at 18666, up 21 points and Nifty at 5607, up 3 points from the previous close.

  • An important support for the Nifty is at 5540 and then 5500, says Ashish Chaturmotha of Anand Rathi Securities on NDTV Profit. There is resistance at 5620 and once we cross this level then we can test 5690 and then 5740, he adds.

  • The market is likely to remain range-bound and if it sustains above 5550 for the next 2-3 days then the next target on the Nifty will be 5750 and then we could go up to 6000, says Shrikant Chouhan of Kotak Securities on NDTV Profit. He is bullish on the market and advises buying on every dip and expects to see a rally in index heavyweights.

  • The Nifty is facing strong resistance at 5640 and it will not be a cruise above this level, says Rahul Mohinder, technical analyst, on CNBC TV18. The long-term outlook on the market is bullish but we are likely to face another leg of correction which could bring the Nifty down to 5520-5540.

  • The markets may go down in October when S&P 500's support of 1040 too may break and then rally again towards the end of the year, says Marc Faber, market analyst, on CNBC TV18. However he doesn't see markets falling to the lows of March 2009. On the Sensex he says that there is a lot of volatility and he wouldn't be surprised if it easily went down 10-20%.

NIFTY 3-Month