Week Ahead: Consolidation at higher level

MACRO TECHNICALS

The short term trend is negative and the market is likely to trade between 5,950-6,250 next week with slightly lower volumes

It was a week that saw everything. It started with a small correction, followed up with two massively bullish sessions, followed by another correction. The market hit new highs on Wednesday and consolidated at higher levels in a clear indication that the major trend continues up.

The BSE Sensex closed at 20,030 points for a week-on-week gain of just 0.32 per cent but the S&P CNX Nifty was up 1.23 per cent at 6,047.70 points and the S&P CNX Defty up 1.69 per cent at 5,340.30.

Breadth was reasonable and volumes were fair. FIIs were net buyers except on Wednesday while mutual funds were net sellers. The BSE 500 was up 2.08 per cent and Nifty Junior also outperformed with 2.88 per cent gains. The CNX Midcap was up 5.5 per cent