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Market Report

Friday, 21-Jan-2011

NSE

  • It was rangebound and flat trade in the markets today with IT and FMCG being the biggest losers. Banking and oil & gas provided support to the markets and midcap stocks also performed well. It was for this reason that market breadth remained positive. The Sensex closed at 19007, down 39 points from its previous close, and Nifty shut shop at 5696, down 15 points.

  • The markets saw moderate gains this week and barring a few sectors, all the sectors closed with gains. The numbers are following: the Sensex was up 0.7% and Nifty also up 0.7%. The CNX Midcap index remained unchanged while BSE Smallcap index was down 0.5% over the week.

  • There is good support for the market at 5600, says Rohit Shrivastav of Sharekhan on NDTV Profit. Today's market closing is important as it closed above 5600, meaning that the downside is done with, he adds. He is bullish on metals and technology stocks.

  • The market has support at 5600-5630 and at these levels one can look for aggressive buying opportunities or be stock selective, says Deven Choksey of KR Choksey on Zee Business. He sees resistances at 5770 and 5830.

  • As long as the market holds 5650-5610 then it could go up to 5830-5900, says Anil Manghnani of Modern Shares and Stockbrokers on CNBC TV18. Rallies will be fast and sharp and based on short covering and should be used to make money instead of being stock specific, he adds.

NIFTY 3-Month