This week in market may consolidate near current level
Last week Sensex lost 403 points or -2.19% to 17998 and Nifty lost -102 points or -2.20% to 5408 in the week ended 27-8-2010. Last week we saw profit booking on upper side and due to that nifty drag down to 5408 level. Technically this is called correction no need to panic. Corrections are always good for Market new rally. You may see in below mentioned chart Nifty is trading in bullish channel, so need to worry. Weekly basis Nifty resistance at 5489 and support at 5392 & 5364. Both level follow on closing basis only.
Important dates to keep in mind, On 1st Sept Purchasing Manager's Index (PMI) data will come. GDP data will be declare on 31st August for Q1 June 2010. Auto and Cement sector will declare its sales data on 1st Dept. 2010. Keep your close eyes on this events.
| INDEX | LAST WEEK 27-08-2010 | PREVIOUS WEEK 20-08-2010 | PERCENTAGE % (+/-) | POINTS (+/-) |
|---|---|---|---|---|
| SENSEX | 17998.41 | 18401.82 | -2.19% | -403 |
| NIFTY | 5408.70 | 5530.65 | -2.20% | -102 |
From
http://indian-dalalstreet.blogspot.com
Crude Oil February and Brent Oil March series are marginally up at $ 53 and $ 56 a barrel, respectively.
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