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| Nifty likely to hit 5,350 |
| Rex Cano / Mumbai Mar 28, 2010, 00:40 IST |
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Smart gains in the last two trading days of the week helped the markets maintain its winning streak for the seventh straight week. The markets started the week on a cautious note as a mid-week holiday and the derivatives expiry weighed on the sentiment. However, some short-covering on Thursday coupled with fresh buying on Friday ensured weekly gains.
The Sensex touched a low of 17,337 early in the week. However, it rallied to a high of 17,683, and finally settled with a gain of 67 points at 17,645. The index is now just 150 points away from its recent January high, above which it will soon be at a fresh 25-month high.
In the week under review, HDFC Bank was the major gainer among the Sensex stocks. The stock gained 7 per cent at Rs 1,948. Sun Pharma, Hindustan Unilever, ONGC and Hero Honda rallied 2-4 per cent. On the other hand, DLF shed 5.5 per cent at Rs 295. Tata Motors, ACC, HDFC, Maruti and Jaiprakash Associates declined 2-4 per cent.
Next week, the markets are likely to start on a positive note given the momentum. However, once at fresh highs, some amount of profit-taking is expected, as the rally too has now been seven weeks old.
The Sensex may face resistance around 17,850-17,950, while it is likely to find considerable support around 17,500-17,430.
The NSE Nifty moved in a range of 107 points, from a low of 5,187, the index rallied to a high of 5,294. The index finally settled with a gain of 11 points at 5,274. The index has surged 516 points in the last seven weeks.
Next week, the index may face resistance around 5,340-5,350, while it may seek support around 5,230-5,205.
The short- and the medium-term trends are fairly bullish. The intermediate trend may turn negative only on a fall below 5,055. The momentum indicators too are positive, barring the Stochastic slow, which is a slight worry for it has made a lower high in the second leg.
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