Alex Mathew, head - research centre, Geojit Financial Services, discussing the market performance of the day (November 7), said, ``The markets had opened on negative note but recovered from the low with good amount of buying seen in second half of the day on the back of positive news from abroad like Central Bank in South Korea slashing the interest rate by 25 basis points which helped the Asian markets to climb up the hill, the strength shown by the European indices following the interest rate cuts that happened in the previous sessions and the economic data that came later in the day showing the Indian Infrastructure output grew 5.1% in September 2008 from a year earlier. All these news gave our markets lower level support and helped
them to recover from the lows and closed for the day with Sensex at 9,964.29
and Nifty at 2,973.00.``

``On the sectorial front, metal sector gained 3.18% on the back of short covering seen in metal majors and also due to weak dollar and the recovery seen in metal stocks on London Metal Exchange. The other major gainers were Power, up by 4.43% and Oil & Gas, up by 3.38%. Individual gainers on Nifty were Suzlon, Reliance Infra, NALCO, Power Grid, Hindalco and BPCL while the losers of the day were Tata Communication, M&M, ABB, Siemens, ZEEL and ONGC,`` he said.

He further said, ``Rupee was showing lacklustre movements and is trading at 47.75 (0.05%). Crude is having support at USD 58 and if it moves below this level, we may see further downtrend.``

He added, ``Nifty is having support at 2,975, 2,950 while resistance is seen at 3,138 and 3,400 levels.``

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