The markets ended on a positive note for a third straight week amid high volatility. The Sensex rallied over 1,500 points - from a low of 13,581 to a high of 15,130 - before paring its gains and settling at 14,275 - up 640 points.
Reliance Communications and Reliance Infrastructure zoomed over 15 per cent each. SBI, Wipro, Ranbaxy, HDFC Bank, NTPC and BHEL surged 8-11 per cent each. Satyam and Maruti were the notable losers among the Sensex stocks.
The Sensex retreated from the 15,100-15,200 levels. The short-term bias remains positive as long as the index remains above 13,450-13,500. The index is likely to find support at 13,685-13,500-13,315 and resistance around 14,865-15,050-15,235 this week.
The Nifty moved in a range of 467 points - from a low of 4,073 to a high of 4,539 - before ending with gains of 220 points at 4,312. The Nifty faces resistance around the 4,500-4,530 levels. The index is likely to find significant support around 4,040-4,080 this week. The Nifty’s short-term moving average is 4,087 and the mid-term average is 4,423.