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Market Report

Monday, 07-Feb-2011

NSE

  • It was rangebound session in the markets and realty and FMCG were the two sectors that performed well. The Sensex closed at 18037, up 29 points from its previous close, and Nifty shut shop at 5396, no change.

  • There is strong support for the Nifty at 5300-5350 but below 5700 the Nifty remains weak and bearish trend will continue in the near term, says Rakesh Gandhi of LKP Shares on NDTV Profit. He expects a minor pullback in banks and sees metals and FMCG as weak. He advises using all pullbacks to short sell.

  • There is a lot of support for the market in the band of 5370-5300, says PK Agarwal of Purpleline Investment on Zee Business. A bounceback could be expected in banking and commodities and this could be used for trading purpose but investors should wait before taking a call, he adds.

  • Advance GDP Estimate: India pegs FY11 GDP growth forecast at 8.6% versus 8% (YoY), reports CNBC TV18. FY11 manufacturing growth is unchanged at 8.8%, mining growth is at 6.2% versus 6.9%, construction growth at 8% versus 7%, financial services growth at 10.6% versus 9.2% and farm output growth at 5.4% versus 0.4%, adds the channel.

NIFTY 3-Month