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Market Report

Wednesday, 09-Feb-2011


  • The markets were rangebound in morning trade but afternoon session played havoc with market sentiments and both the benchmark indices lost substantially. Particulary the stocks of ADAG group were the biggest losers today after the news came that ICAI has asked some question regarding their auditing. Metal, realty and consumer durables were the worst performers and IT and banking performed a bit better, though they also closed in the negative. The Sensex closed at 17592, down 182 points from its previous close, and Nifty shut shop at 5253, down 59 points.

  • The Nifty has good support at 5200 level and a pullback rally may come that would take it to 5600, says Kiran Jadhav of Precision Technicals on CNBC Awaaz.

  • The momentum is on the downside and the market could come down to 5200-5150, says Raghvendra Kedia of Systematix Shares and Stocks on NDTV Profit. His advice is to stay light and wait another 2-3 weeks for a 2-4% dip before buying only largecaps with sound fundamentals.

  • The market is likely to decline further over the next few days, says Mitesh Thacker, technical analyst, on CNBC TV18. He believes that the Nifty could go down to its next support of 5235 and dip further to 5150.

NIFTY 3-Month