| Technicals: New highs in the New Year |
| MACRO TECHNICALS |
| Devangshu Datta / New Delhi January 7, 2008 |
| The target projection for Nifty is about 6550 around the Union Budget. |
| The market celebrated the new year by spurting to a new high despite a spike in crude prices and the continuing subprime crisis. The Nifty ended at 6274 after rising to touch 6300. |
| That was a gain of 3.19 per cent. The Sensex hit 20763 before easing down to close at 20686 for a gain of 2.37 per cent. The Defty underlined the dollar's importance by rising 3.46 per cent. The FIIs and mutuals were both net buyers. |
| Breadth was good throughout the week and volumes recovered strongly in the new year. The Nifty Junior continued to outperform its elder brother by rising a whopping 5.7 per cent. |
| The Midcaps was up 6.37 despite a sell off on Friday. The BSE 500 was ahead by 4.15 per cent |
