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Market Report

Wednesday, 27-Oct-2010

NSE

  • Under heavy selling pressure, markets closed with sharp decline and barring consumer durables, all sectoral indices closed in the red. Realty was the worst hit. The sensex closed at 20,005, down 216 points from its previous close, and Nifty closed at 6012, down 69 points.

  • The Nifty is consolidating between 5950 and 6250, says Ashwani Gujral, technical analyst, on CNBC TV18. As long as 5950 holds, then we could expect the market to give a break on the upside, he adds. He advises playing the market with a 150 point stop loss and building on a midcap portfolio.

  • The market is likely to trade volatile and within a tight range, says Anil Singhvi, market analyst, on CNBC Awaaz. We may see a recovery but the Nifty will face stiff resistance at 6125-6150 which will be the level for profit taking, he adds. He sees good support at 6000-6050 and expects the midcap sector to be in focus.

  • The levels of 6160 and 6060 are important for the market in the short term, says Rahul Mohinder, technical analyst, on CNBC TV18. If we hold 6160 then we could test 6350 and if the support of 6010 is breached, then the trend would turn negative, he adds. However, in the medium-to-long term, the trend is positive, he believes.

NIFTY 3-Month