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Market Report

Monday, 02-May-2011


  • Ahead of the credit policy announcement by RBI, markets tumbled on expectations that interest rates would be increased. Realty was the only sector that survived the beating. April auto numbers were also not very good and that had its impact on the indices. Morgan Stanley downgraded the ratings of PSU banks and that took its toll on banking stocks. The Sensex closed at 18998, down 138 points from its previous close, and Nifty shut shop at 5701, down 48 points.

  • The top Nifty gainers were Tata Power, Power Grid, Cipla and Dr Reddy's and prime losers included SBI, Kotak Mahindra Bank, IDFC and Ambuja Cements.

  • We are watching silver closely and expect normal correction in the future, says Jim Rogers of Rogers Holdings on ET Now. He does not see financial markets being affected by Osama bin Laden's death. We are seeing a normal correction in commodities and expect it to outperform equities, he adds.

  • There is firm support for the Nifty at 5700 and resistance is at 5850, says Dhaval P Vyas, technical analyst, on Zee business. Sell at higher levels of 5820, he adds.

  • There is support for the Nifty at 5650 and more at another 50-60 points lower, says Anu Jain, technical analyst, on CNBC TV18. If the market manages to stay above 5820 then we could move to 5900 with more ferocity, she adds.

NIFTY 3-Month