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Market Report

Friday, 23-Sept-2011

NSE

  • It was a volatile day for the Indian market which saw seesaw trade for most part of the day as rising global economy concerns and further fall in rupee had traders in a jitter. Towards afternoon, short covering helped the market come off the lows of the day but closing was in the red. Sensex shut shop at 16162, down 199 points and Nifty at 4867, down 55 points from the previous close.

  • Top Nifty gainers today were Reliance Power, Cipla and Grasim while losers included Tata Motors, Hindalco and SAIL.

  • It was a negative week for the Indian market which continued its downtrend punctuated by a couple of days of relief rallies. In this week, the Nifty saw the biggest point fall since October 2008 and biggest percentage fall since August 2009 while experts believe that there are tough times ahead as fears of recession mount.

  • We expect the Nifty to head lower and now the trading range will be downwards instead of sideways, says Rohit Shrivastav of Sharekhan on NDTV Profit. He sees support at 4700 and resistance at 5000.

  • Yesterday, the market tested 4900 and now it is possible that the Nifty could test 4720 and even go below this level, says Ashish Chaturmotha of IIFL Wealth on Zee Business.

  • Yesterday's fall has indicated that the downtrend which we have been expecting has started though we may see a day or two of rallies, says Mitesh Thacker, technical analyst, on ET Now. We are in for tough times for the next few weeks and I see the downside target of 4750-4730 and even below, he adds.

  • The markets are disappointed by the Fed not announcing QE3 but Ben Bernanke was right in not launching QE3, says Marc Faber of GloomBoomDoom.com on ET Now. Substantial weakness in Chinese economy is possible, he adds. He will book profits in gold but will not sell out completely.

NIFTY 3-Month