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Market Report

Tuesday, 23-Nov-2010

NSE

  • Markets remained volatile today amidst weak global cues. North Korea and South Korea exchanged fire and that news brought down the sentiments across Asia. Market recovered in the last hour of the trade but the decline was too steep to cover and they closed with the decline of around 1.5%. All the sectoral indices closed in the red and realty was the worst performer. The Sensex closed at 19691, down 265 points from its previous close, and Nifty closed at 5934, down 75 points.

  • Cannot give too much weightage to the current events and the markets will stabilize soon, says Deven Choksey of KR Choksey on Zee Business referring to the market slipping due to tension between the two Korean nations. He does not expect the Korean crisis to have much of an impact on the Indian market.

  • The market is likely to consolidate in the range of 5900 and 6000 and overall, the bias is negative, says Somil Mehta of Sharekhan on NDTV Profit. A correction could take the Nifty down to 5730 and 5700, he adds.

  • If the Nifty breaches the 5870 level then it could go all the way down to 5400, says Daljeet Singh Kohli of IndiaNivesh Securities on CNBC Awaaz.

  • The market could see a fall of 3-5% in the short term but we are bullish over the next 3-4 months, says Mehraboon Irani of Centrum Broking on NDTV Profit. The market is likely to make news highs before March and we could see the Nifty at 6300-6700 and Sensex at 22000-23500 in the medium term, he adds.

NIFTY 3-Month