Week Ahead: Nifty resistance around 4250

Week Ahead: Nifty resistance around 4250

MACRO TECHNICALS

Devangshu Datta / New Delhi February 19, 2007

The major indices could test the lows of Wednesday again.

A massive crash on Monday was followed by a sharp but incomplete recovery on Thursday. The Sensex eventually closed down by 1.26 per cent at 14355.55 points after hitting a low of 13805.

The Nifty was down 0.98 per cent at 4146 bouncing from a low of 3965. The Defty was down marginally less at minus 0.95 per cent.

Breadth swung dramatically. On Monday almost everything lost ground, while there was an across-the-board recovery on Thursday.

However, most stocks were in the red week-on-week. The BSE 500 ended down 1.78 per cent. The worst affected was the Bank Nifty which lost 5.54 per cent.

The CNX IT actually gained 1.9 per cent however