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<b>Week Ahead in Mkts:</b> Correction could continue

MACRO TECHNICALS

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Devangshu Datta Devangshu Datta
Last Updated : Jan 20 2013 | 7:52 PM IST
There is strong support at Nifty 5065 and it is quite likely that the market will oscillate between 5120-5220.
 
A burst of sustained buying on Wednesday propelled the market to new highs. Thursday and Friday saw more muted trading and some profit-taking.
 
The Nifty moved above 5200 to 5260 levels before easing back to 5185 points for a week-on-week gain of 3.28 percent. The Sensex hit highs of 17979 before closing at 17773 for a gain of 2.79 per cent. The Defty was up 3.85 per cent as the rupee continued to gain muscle.
 
Domestic and foreign investors showed contrasting attitudes. The FIIs remained very positive while the Indian funds were consistent sellers through the week. Overall advance-declines ratios were positive and volumes were good.
 
The BSE 500 was up 2.31 per cent. The Nifty Junior crossed 10,000 before actually seeing a weekly decline of 1.47 per cent

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First Published: Oct 08 2007 | 1:30 AM IST

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