Weekly Outlook: New Sensex high likely

The Sensex completed a perfect 10 by ending higher for the tenth straight week during the week ended September 29 . The index ended with a gain of 1.8% (218 points) at 12,454 - less than 200 points shy of its all-time closing high.

The markets saw steady inflows from both local and foreign funds, which crubed much of the volatility during the derivatives expiry of the September series.

The outlook for next week is that of continued optimism. Fundamental factors like solid GDP numbers and strong advance tax figures ahead of Q2 earnings give enough reason to believe that the Sensex surpassing its preivous high is a mere formality.

Charts, however, do point at some stiff resistance around the previous high of 12,671. The index is likely to face resistance around 12,585-12,625-12,665. Support for the index would be around 12,325-12,285-,12,245.