Week Ahead in Mkts: Expect another dip

MACRO TECHNICALS

The market is running into stiff resistance at 3900-plus levels, and will have to climb above 3962 to signal a continuing uptrend.

A savage correction on Monday and Tuesday was followed by a V-shaped three-session recovery that nevertheless ended in net losses. The Sensex ended down 1.34 per cent at 13614 after dipping to a low of 12801.

The Nifty closed down by 1.85 per cent after dropping to a low of 3657. The Defty was down 1.88 per cent as the rupee stayed at near-parity against the dollar.

Breadth signals remained poor