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Market Report

Thursday, 30-Sept-2010

NSE

  • It was a firm close to the September series for the Indian market as also to the day's trade. The market opened negative and continued to trend downwards following a sell-off in oil & gas, realty, auto, capital goods which dragged the Sensex and the Nifty below 20000 and 6000, respectively. However, a late surge in trade with buying in banks, metals, FMCG pushed the indices higher for a firm close. Sensex shut shop at 20069, up 112 points and Nifty at 6029, up 38 points from the previous close.

  • The markets could correct to a certain extent and 5800-5830 seem to be very good support levels, says Ambareesh Baliga of Karvy Stock Broking on CNBC TV18. In case this breaks then we are in for a very bad fall but looking at the way money is coming in, I think it will hold for a while and possibly there is again an outer chance that we could see those levels in October, he adds. He thinks people could still take a bullish stance at lower levels but in case the market breaks 5800-5830 decisively then it is a sure time to go short.

  • There is resistance for the Nifty now at 6070 and support at 5930, says Ashwani Gujral, technical analyst, on CNBC TV18. The market will be trading in this range now, he adds.

  • The market rally is looking tired now and the Nifty is likely to trade in the range of 6060-6075, says Sanjeev Bhasin, investment advisor, on NDTV Profit. He is seeing some improvement in the global situation.

  • Inflation update: Primary articles inflation for week ended September 18 has come in at 18.31% versus 16.8%, food articles inflation is at 16.44% versus 15.46% while fuel group inflation is at 10.73% versus 11.48%, reports NDTV Profit.

NIFTY 3-Month