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Market Report

Wednesday, 29-Sept-2010


  • It was a weak session for the Indian market, a day ahead of F&O settlement, due to a sell-off in most sectors, with the broader markets showing softness, too. We opened gap-up on flat global cues but thereafter, profit booking in metals, FMCG, realty and oil & gas saw the Sensex and the Nifty breach the important psychological levels of 20000 and 6000, respectively. Sensex shut shop at 19956, down 148 points and Nifty at 5991, down 38 points from the previous close.

  • The uptrend in the market remains intact though we are likely to see sideways consolidation for some time, says Mitesh Thacker, technical analyst, on CNBC TV18. The Nifty is now facing supply at 6100-6150 and has strong support at 5950, he adds.

  • The Nifty is likely to trade range-bound but with a positive bias, says Salil Sharma, technical analyst, on CNBC TV18. The range will be 5980 on the downside and 6100 on the upside, he adds.

  • We have seen re-allocation of funds from developed markets to emerging markets and this will continue in the near-term, says Stephen H Dover of Franklin Templeton Investments on CNBC TV18. He believes that not only India but other emerging markets too are moving up from being risky assets and attaining the status of Tier-I markets. Currency appreciation is an added trigger in these markets, he adds. Though cautious on India in the near-term, he is positive on private banks.

NIFTY 3-Month