IntradayTrade dot Net
Market Report

Tuesday, 08-Mar-2011

NSE

  • The markets gained significantly on the news that crisis in Libya would end soon and OPEC also assured that they would increase production. The news that fertilizer subsidy would be given directly also gave a boost to the markets. The Sensex closed at 18439, up 216 points from its previous close, and Nifty shut shop at 5520, up 57 points.

  • The market is likely to remain in a range with 5200 on the downside and 5550-5600 on the upside, says Anand Kuchelan of Fudiciary Euromax Capital Markets on NDTV Profit. We are seeing a base formation at 5350-5400, he adds.

  • The trading action in the last one-week has led to a fresh pattern formation with resistance around 5590-5620, says Gautam Shah of JM Financial on CNBC TV18. The index is likely to remain extremely volatile without a clear trend and hence, a conservative approach to trading is advisable with 5640/18800 being the best-case point in case of any extended pullback, he adds.

  • The next two months are important for the market and we are bullish for April-May, says Sanjiv Bhasin, investment advisor, on NDTV Profit. The market is showing a lot of strength and not breaking down on negative global cues, he adds. He advises buying on all dips and is bullish on infra stocks but cautious on IT.

NIFTY 3-Month