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Market Report

Tuesday, 22-Mar-2011

NSE

  • It was a stable day for the Indian market which, on positive cues from the US and Asia, traded firm on the back of buying in most sectors, but more particularly in realty, pharma and infrastructure. Frontline stocks led the gainers in today's session but the market, however, gave up some gains in afternoon trade and closed off the day's high. Sensex shut shop at 17988, up 149 points and Nifty at 5413, up 49 points from the previous close.

  • We expect the market to move to 5650 before another fall, says Anil Manghnani of Modern Shares and Stockbrokers on NDTV Profit. He believes that for the Nifty to go above 5700 will be difficult in the near term.

  • Technically, there is now enough confirmation that the final phase of the downtrend is underway, says Gautam Shah of JM Financial on CNBC TV18. He believes that the choppiness within a range in the recent past was just another 'distribution' phase where the Nifty kept correcting from the 5550-5600 resistance zone. We continue to believe that levels of 4970/16500 should be seen by April, he adds.

  • The market is likely to remain in a trading range with 5177 on the downside and 5500-5600 providing stiff resistance, says Sudhanshu Pandey of FRR Shares and Securities on NDTV Profit. In the short term, there is support for the Nifty at 5333 and 5300 and as long as the market stays above this level, the market will remain positive, he adds.

NIFTY 3-Month