Traded volumes were marginally higher than the 10-day average which remains my leading worry.
The market breadth remained widely positive and most frontline / index heavyweights were seen surging above their 13-day simple moving averages, which signals an end to the downward correction in the absolute short term.
The indices have surged past their previous tops to hit 29-month highs. This indicates the strength in the underbelly.
The support for the Nifty should be seen at 1170 levels in the coming week.
Sectoral strength is presaged in oil & gas, public sector, power, pharmaceuticals, cement and automobile counters.
Software is likely to remain an under-performer. The outlook for Monday is of bullishness as the mood is likely to be one of follow-up buying.
The Nifty should see resistance coming at 1235 -1240 in the immediate future where selling is likely to be seen.
Trades should be initiated on the long side rather than any aggressive short-selling.
Among stocks, the Reliance Industries counter is likely to surpass it
