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Market Report

Wednesday, 09-Mar-2011


  • The markets were inconsistent and rangebound in today's trade and closed almost flat. Realty, auto and consumer durables were the prime gainers while IT was the top loser today. The Sensex closed at 18469, up 30 points from its previous close, and Nifty shut shop at 5531, up 10 points.

  • We are getting signals of a trend reversal which indicates that the downside is now capped with strong support at 5400 and even if this is breached we would make a temporary bottom at 5230 and then bounce back, says Mitesh Thacker, technical analyst, on CNBC TV18. There is stiff resistance at 5650-5750, he adds.

  • The bias of the market is positive in the short term and we could see the Nifty testing 5800 if oil concerns are resolved, says Shishir Bajpai of IIFL on NDTV Profit.

  • We would look at using a close above 5566 as a stop loss for the bearish case, says Laurence Balanco of CLSA on CNBC TV18. As long as this resistance zone remains intact, the risk of another sell-off phase down to the 4900 level remains the most likely outcome, he adds.

NIFTY 3-Month