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Market Report

Wednesday, 02-Feb-2011

NSE

  • It was gap-up opening in the markets today but at close only marginal gains left in the indices. Selling pressure primarily came from cement and auto stocks. Realty and oil & gas showed goods gains in today's trade. The Sensex closed at 18090, up 68 points from its previous close, and Nifty shut shop at 5432, up 14 points.

  • We see the current weakness as an opportunity to invest, says VK Sharma of HDFC Securities on NDTV Profit. If the level of 5250 is breached on the downside then major weakness could set in, he adds. He sees stiff resistance at 5625 and thinks that the rise in inflation is a major concern and that it could continue to rise.

  • The market is probably finding some support at 5400 and if this holds then we could move up to 5550-5600, says Amit Gupta of ICICI Securities on CNBC TV18. If this level is breached on the downside then the Nifty could fall to 5350-5320, he adds.

  • A rally could happen before the Budget with an upside on the Nifty at 5600-5800, says Sandeep J Shah of Sampriti Capital on CNBC TV18. He sees downside at 5200-5400.

NIFTY 3-Month