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Market Report

Friday, 26-Nov-2010

NSE

  • Markets remained choppy throughout the day and closed with substantial loss. All the sectoral indices closed in the red, though till one hour before the closure, IT and banking were hovering in the green. Realty was beaten heavily today as well and remained the worst performing sector. The Sensex closed at 19136, down 181 points from its previous close, and Nifty closed at 5751, down 47 points.

  • The markets took a sharp beating this week and downward trend prevailed across all sectors. Amidst housing loan scam involving many companies, realty was the worst performer in the second consecutive week. The numbers are following: The Sensex down 2.5% and Nifty down 2.5%. The CNX Midcap index was down 5.7%, BSE Smallcap index down 7.2% over the week.

  • The market has made an excellent comeback but there is still no indication that a bottom has been formed, says Rahul Mohinder, technical analyst, on CNBC TV18. There is stiff resistance for the Nifty at 5850-5900 and at that level I would go short, he adds.

  • This is the time to buy and not to short which should be done only once the Nifty is at 5900-5930, says Ashwani Gujral, technical analyst, on CNBC TV18.

  • The market continues to look vulnerable and unless we go above 6070 we cannot say the trend reversal has set in, says Rahul Mohinder, technical analyst, on CNBC TV18. The market is likely to drag down a bit more and we could see a cut of 3-4% from here on, he adds.

NIFTY 3-Month