Nifty may see support at 2,811 and 2,765 levels

Alex Mathew, head, research centre - Geojit Financial Services commenting on the daily market performance of the day said, ``The markets had opened in the red zone on the back of weak to subdued cues from the global markets but recovered soon on the first day of February series and quickly climbed the ladder and closed for the day in bright green near the day`s high. The markets didn`t have good cues to cheer in the morning session but in the noon and afternoon session, the European markets which had moved up gave support to our markets to rally in a better way to end the day in good fashion raising the expectation of a good month coming ahead. The news that Spice Group is interested to take majority stake in Satyam made Spice communication and Spice mobile to remain on the buyers radar and the stock Spice Communication had risen over 100% during the day and closed with good amount of gain. Finally the markets came to a close with Sensex gaining 2.04% and Nifty gaining 1.08%.``

``On the sectorial front, the major gainers were Realty up 4.32%, Metal up 4.05%, Oil up 3.58%, FMCG up 2.04% and Bankex up 1.99% while there were none on the losers`` side for the day. On Nifty the major gainers were DLF up 8.29%, HCLTech up 6.37%, Hindalco up 6.3%, Suzlon up 5.59%, Reliance Capital up 5.42 and Sail up 5.33% while the losers were Sunpharma down 6.25%, BHEL down 2.7%, PowerGrid down 2.43%, Tata Motors down 1.58% and Hero Honda down 0.84%, he said.``

He opined, ``The market is overbought and one should be careful when Nifty trades near to resistance levels. For Nifty the resistance is seen at 2,900, 2,910 while the support is seen at 2,811 and 2,765 levels.``