IntradayTrade dot Net
Market Report

Wednesday, 23-Feb-2011


  • It was a disappointing for the Indian market which ended weak after a quiet opening and flat trade for most part of the day. However, the last couple of hours saw selling pressure increase which led to the indices closing deep in the red amid weakness across most sectors. Sensex shut shop at 18178, down 117 points and Nifty at 5437, down 31 points from the previous close.

  • I am cautiously positive on the market and we could head closer towards 5550-5600 till the Budget, says Ambareesh Baliga of Karvy Stock Broking on CNBC Awaaz. He believes downside is limited.

  • An important level for the market is 5400 for the next few days and upside is capped at 5550-5570 and 5630, says Mitesh Thacker, technical analyst, on CNBC TV18. He sees a range developing over here and in the short term he thinks these levels are crucial.

  • We expect muted market movement till the Budget, says Rohit Shrivastav of Sharekhan on NDTV Profit. Do not expect to see the Nifty falling below 5350, he adds. He sees resistance at 5600 and believes the market might even go up to 5800.

  • We expect the Nifty to expire at 5400 and could see levels of 5750 around the Budget, says Sanjiv Bhasin, investment advisor, on NDTV Profit. The short-term pain in the market appears to be over and it could even test 6200 by May, he adds. He believes that the Middle East unrest will take the oil prices higher.

NIFTY 3-Month