| Week Ahead: Markets to test all-time highs |
| MACRO TECHNICALS |
| Devangshu Datta / New Delhi April 23, 2007 |
| Major indices broke key resistances and a minimum upside target of Nifty 4170 can be projected. |
| Monday and Friday saw big positive gains while the three sessionssandwiched in between were range-bound. |
| In weekly terms, the Sensexgained 3.84 per cent to close at 13,897 points while the Nifty shot up4.24 per cent to close at 4083 points. The Defty gained a massive 6.76per cent as the rupee continued to strengthen. |
| Both mutual funds andFIIs were big net buyers.Breadth was good with advances comfortably outnumbering declines. TheBSE 500 was up 3.39 per cent and volumes were high across the entireweek. |
| The Bank Nifty gained 4.39 per cent while the CNX IT was up just0.63 per cent despite triggering the positive sentiment through goodresults. |
| Outlook: The market could just test its all-time highs of February 2007 (Nifty 4245 and Sensex 14,724) next week since sentiment seems stronggoing into settlement. |
| The Nifty and the Sensex both broke key resistances and a minimum upside target of Nifty 4170 can be projected. On thedownside, there is support between 3075-4025. |
| Rationale: There was massive resistance at 4050 which was broken on high volumes |
