Sensex, Nifty favourably placed; these levels may shape market this week

Stock market weekly outlook: Technical charts indicate that the bias for the Sensex and Nifty is likely to remain positive as long as the indices sustain above 80,250 and 24,380, respectively.

Even as the BSE Sensex ended roughly 600 points lower last week, the recovery from mid-week lows and a strong finish on Friday has led to an advantageous position to the bulls versus the bears.  The Sensex hit an intra-week low at 80,490 levels, and eventually ended the week at 80,721. Similarly, the NSE Nifty 50 index bounced back after testing support around its 20-Day Moving Average (20-DMA).  Going ahead, the near-term bias for Sensex is likely to remain positive as long as the BSE benchmark index sustains above 80,250 levels, and the Nifty above its 20-DMA, which