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Market Report

Tuesday, 01-Feb-2011

NSE

  • The markets got no respite from selling pressures and both the benchmark indices lost substantially in today's trade. Global cues were positive but investors flocked to exit the stocks and that primarily brought the markets down. Realty was the worst performing sector today followed by auto. Auto lost significantly despite showing good quarterly numbers. Oil and gas also performed badly and primarily it was RIL that brought it down; the stock breached the psychological 900 mark today. The Sensex closed at 18022, down 305 points from its previous close, and Nifty shut shop at 5417, down 88 points.

  • The market is likely to trade volatile with support seen at 5380 and resistance at 5560, says Gaurang Shah of Geojit BNP Paribas on Zee Business. Going forward, the next two weeks could be volatile with support at 5350 and resistance at 5670, he adds.

  • The markets have fallen 10% in January on back of macro concerns and while we believe that higher inflation is priced in, we are yet to see significant selling by FIIs that can take markets down by 10-15%, says Suresh Mahadevan of UBS Securities on CNBC TV18.

  • We have seen some bounce-back from lower levels yesterday and possibly the upside could be up to around 5600-5650, says Ambareesh Baliga of Karvy Stock Broking on CNBC TV18. But after that we see selling coming in especially from the institutions, FIIs and the hot money is, in fact, flowing out and so over the next couple of weeks we should see the levels of 5200, he adds.

NIFTY 3-Month