Week Ahead: Nifty to trade between 6100-6300

MACRO TECHNICALS

Nifty to trade in the range of 6,100-6,300 this week.

A rare triple-top formation at close to an all time high was followed by a sell off on Thursday. The Nifty hit a record 6,350 points intraday and bottomed at 6,112 before closing at 6,200 for a week-on-week loss of 1.18 per cent. The narrower Sensex was down to 20,505 points before recovering to close at 20,827 and it actually gained 0.7 per cent. The Defty was down 1.08 per cent.

Breadth was quite poor with broader indices losing proportionately more. The Junior was down 4.6 per cent, the Midcaps lost 6.88 per cent while the BSE 500 was off 2.56 per cent. Volumes were low