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Market Report

Monday, 21-Mar-2011

NSE

  • Positive global cues made the markets open in green today but crude took the sheen out and pressured the indices to close negative. IT and realty remained the worst performers of today's trade and banking was the top gainer of the session. The Sensex closed at 17839, down 39 points from its previous close, and Nifty shut shop at 5364, down 8 points.

  • The markets are to remain news driven in the short term, says Vikram Kotak of Birla Sun Life Insurance on NDTV Profit. Japan crisis and oil prices are big concerns for the market, he adds. He is not worried about the FII sentiments and is bullish on banking and engineering companies.

  • The bull market on since April 2009 has exhausted itself with the October 2010 highs, says Biju Samuel of Quant Broking on CNBC TV18. We have been terming the entire weakness, which started since November 2010, as a cyclical bear market, he adds. He believes that the next downside move for the market could begin soon with banking leading it.

  • If the Nifty breaks the 5340-5320 levels then probably even 5177 may not hold and we could go down to 5000-4800, says Anil Manghnani of Modern Shares and Stockbrokers on CNBC TV18. But if 5340 hold then we could bounce up to 5600, he adds. He sees auto close to breaking level and believes that support now would be provided by IT and banking.

NIFTY 3-Month