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Market Report

Thursday, 28-Oct-2010

NSE

  • Markets nosedived under heavy selling pressure in the last half-an-hour of the trade and both the benchmark indices breached the psychological 20,000 and 6000 mark respectively. Barring auto, all the sectoral indices closed in the red. The sensex closed at 19941, down 64 points from its previous close, and Nifty closed at 5987, down 25 points.

  • The Nifty has strong support at 5950 and if this is breached then a downtrend will be likely, says Salil Sharma, technical analyst, on NDTV Profit. There is resistance at 6040 and if this is crossed then we could head towards 6150, he adds.

  • The key level to watch out for is 5970 and if this is broken then one can clearly see a 100-150 points drop within a few trading sessions, says Ambareesh Baliga of Karvy Stock Broking on CNBC TV18. He sees final support for the market at around 5800-5830. If that breaks then there will not be a correction, there will be a slide, he adds.

  • Inflation update: Primary articles inflation for week ended October 16 has come in at 16.6% versus 18.05% (WoW) while food articles inflation is at 13.75% versus 15.53% (WoW), reports CNBC Awaaz.

NIFTY 3-Month