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Market Report

Friday, 24-Sept-2010

NSE

  • It was a cheerful end to a good week for the Indian market which, after two days of consolidation, picked up momentum to continue from where it had left off. After a quietly positive start and some softness, it gathered steam and piled on gains and though global markets were weak, the Indian market did well for itself on the back of strong buying in FMCG, realty, telecom. Sensex shut shop at 20045, up 184 points and Nifty at 6018, up 58 points from the previous close.

  • It was a wonderful week for the Indian market which, save for a couple of days of consolidation, looked strong following huge inflows of FIIs. Buying sprees were seen in most sectors and top gainers were autos, telecom, financials, FMCG and capital goods which helped the Nifty and Sensex close above the important levels of 6000 and 20000, respectively. This week's performance was good and the numbers are: Sensex up 2.2% and Nifty also up 2.2%. CNX Midcap index was up 0.7%, BSE Smallcap index up 0.3% over the week.

  • The Nifty will first find support at 5950 which is being held on to for the past three days, says Sudarshan Sukhani, technical analyst, on CNBC TV18. If the Nifty goes below this level then do not buy but above this, one can initiate shorts with a stop loss of 5950, he adds.

  • The market is looking overbought in the short term and we can expect to see a short-term correction, says Rohit Shrivastav of Sharekhan on NDTV Profit. The Nifty has support at 5930 and if this is breached then we could head down to 5800 but if this level is held then we could go back up to above 6050, he adds.

  • We think investors are better off staying invested looking at the possible outcome for the market despite the market's full valuations, says Sanjeev Prasad of Kotak Institutional on CNBC TV18. However, we would advocate cutting positions selectively and we have re-jigged our portfolio to cut exposure to the cement sector and certain stocks that have been re-rated beyond our FY12 fair valuations estimates, he adds. Our FY12 fair value estimate for the Sensex remains at 21000, he says.

NIFTY 3-Month