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Market Report

Wednesday, 05-Jan-2011

NSE

  • The markets saw steep fall in today's trade and both the benchmark indices lost around 1%. Barring IT and FMCG, all the sectoral indices closed in the red and banking, realty and auto were the prime losers. The Sensex closed at 20301, down 197 points from its previous close, and Nifty shut shop at 6079, down 66 points.

  • Negative global cues may affect our market sentiment, says Neeraj Deewan of Quantum Securities on NDTV Profit. In the short term, there is support at 6000 with resistance at 6300, he adds. He expects to see level of 6400 by February and believes that higher commodity prices may have an impact.

  • The Nifty managed to consolidate above our preferred downside target area around 5500 and has managed to move back above the 50-day moving average which has capped price action since mid-November, says Laurence Balanco of CLSA on CNBC TV18. The next event should be a test of major resistance at the 6332 area and support is seen around 5727 level.

  • The market is going through a correction which is healthy for the market, says Anil Singhvi, market analyst, on CNBC Awaaz. There is profit booking happening at upper levels and one should look for buying opportunities on all dips with strong support for the Nifty at 6000, he adds. FII inflow of funds is strong and a positive thing for our market, he says.

NIFTY 3-Month