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Market Report

Monday, 07-Mar-2011

NSE

  • It was gap down opening in the markets today and they continued with the downtrend. In the afternoon session they recovered a bit from day's losses and closed with the loss of around 1%. Auto and capital goods were the worst performers and oil marketing companies also suffered due to high crude prices. The Sensex closed at 18222, down 263 points from its previous close, and Nifty shut shop at 5463, down 75 points.

  • We are likely to trade in a broad range of 5200 and 5600 and the market appears to be heading downwards towards 5200, says Somil Mehta of Sharekhan on NDTV Profit. There is stiff resistance for the Nifty at 5600 and if this is crossed then we could test 6000, he adds.

  • Today there was key support for the Nifty at 5465 and for the week there is support at 5375, says Anil Manghnani of Modern Shares and Stockbrokers on CNBC TV18. We could even go up to 5600-5700, he adds. One should be buying on dips instead of selling on rallies, he advises.

  • Very clearly, these are times to build up portfolios and anyone who has had a reasonable outlook of six months to two years should build their portfolios this time because Corporate India is doing well, says Anish Jhaveri of Antique Stock Broking on CNBC TV18.

NIFTY 3-Month