Nifty counters look promising

WEEKLY TECHNICAL ANALYSIS

The NSE Nifty moved exactly in the range of 4,400-4,200 mentioned last week, and finally ended with a gain of 33 points at 4,360.

The Nifty looks promising and the 4,050-4,080 levels could be a strong base support for the coming month. The upmove will gain momentum once the index breaches the 4,530 level.

The Sensex ended with a gain of 163 points last week, thanks mainly to over 500 points surge on Friday. Before that the index was down over 350 points for the week.

The banking and technology stocks were the major gainers – Satyam jumped nearly 9 per cent to Rs 386. HDFC Bank, Mahindra & Mahindra, SBI, ICICI Bank, Bharti Airtel, ITC, Wipro, Tata Motors, Infosys and Maruti were up around 3-7 per cent each. On the other hand, Reliance and Reliance Communications were the major losers.

The broader range of 13,350-13,500 and 17,000 remains intact for the index. The Sensex is likely to find support around the 14,150-14,200 levels, and the upmove may gain momentum above the 15,100 levels this week.