Previous Week : Nifty closed in the red in four out of the five trading sessions
Indian equities faced selling pressure through out the week and only managed to recover some of its losses on the last day of the week. The Nifty closed in the red in four out of the five trading sessions. The market recovered in the trade on Friday after better-than-expected growth in industrial output. October industrial production recorded double-digit growth at 10.8% compared to 4.4% on a month-on-month basis. The capital goods sector grew 22% against 10.9% on a year-on-year basis. Foreign funds resorted to heavy selling of Indian stocks recently with small-cap and midcap stocks taking a beating on concerns over a regulatory crackdown on companies and an ongoing investigation into a telecom corruption scandal.
On a week-on-week basis, the Sensex fell by 457 points or 2.3%, to close at 19508.90
The S&P CNX Nifty also closed in the red by 135 points, or 2.3%, to close at 5857 for the week. Realty, banking and consumer durables stocks faced heavy selling pressure with only IT stocks managing to close in the green
Week Ahead : Nifty is expected to trade in a range of 5700 to 6050
Indian equities managed to bounce from the lows of November 2010 on Friday. If it holds on to the low of Friday, it can open up further upsides in the market. On the other hand, breaching below last weeks low can test 5600 in the Nifty. Investors will closely monitor the data on advance tax by top Indian corporates and advance tax installments due on December 15, 2010. The advance tax figures will provide a clue on Q3 December 2010 corporate earnings.
The Reserve Bank of India will undertake a mid-quarter policy review on Thursday, December 16, 2010
The Organization of Petroleum Producing Countries (Opec) is scheduled to meet in Quito, Ecuador on Saturday
The Opec, which accounts for about one third of the world's oil output, is widely expected to keep quotas unchanged
The Nifty is expected to trade in a range of 5700 to 6050 during next weeks trade
Only a breakout above this level will determine the future course of action
~
Source: ICICIdirect.com
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