Previous Week : BSE Sensex closed at 18242 down by 207.67 points, while the NSE Nifty closed at 5528, down by 24.70 points
The Indian equity benchmarks traded with high volatility in a narrow range during previous week. Nifty traded in a 100 points range oscillating between gains and losses, pullback attempts during the week faced strong selling pressure around the previous week breakdown area of 5600-5610. The Nifty closed in red in three out of the five trading days during previous week trade. The industrial output (IIP) numbers for the month of February has come in better-than expected at 0.6 percent against an expectation of a contraction but could not cheer the markets.
  • The 30 share BSE Sensex closed at 18242.56 down by 207.67 points or 1.10%, while the NSE Nifty closed at 5528.55, down by 24.70 points or 0.44%, week on week basis
  • Tata Motors, ICICI Bank, HDFC Bank, Ambuja Cement, Lupin, JP Associates and DLF Limited were the major gainers in the index where as Infosys Technology, Tata Steel, Coal India, Jindal Steel and Mahindra & Mahindra were the key draggers amongst Nifty constituents
  • The markets started on the negative note with India VIX, which is seen by some investors as a "fear" gauge, added 0.3 percent to 16.82, marking a fifth session of advances and reflecting the rising volatility ahead of earnings
  • FIIs continued selling on speculation over early general elections and slowing economic growth
  • The market staged a recovery during the latter part of the week driven by firm global cues. However, the market ended the week sharply in the red on Friday as Infosys results came in below the expectations.

Week Ahead : Q4FY13 result seasons kicks off next week
Nifty on the weekly chart has formed a small bearish candle with shadows in either direction signifying indecision after the sharp fall during the previous four week. The Nifty closed below its 200 days SMA for the second week in a row which is currently placed at 5651 levels. Nifty continued to form lower peaks and lower trough in the weekly time frame.
  • The index is seen holding on to its key medium term supports placed in the 5500-5450 region
  • Pullback attempts from current levels are likely to see the Nifty face a stiff resistance around the bearish gap area of 4th April 2013 placed at 5644-5672. The presence of the 200 days SMA (5651) around the gap area adds significance of the resistance zone
  • Next week, among the Sensex companies, Reliance Industries and TCS are expected to announce their results
  • The domestic markets would be looking out for import/export and WPI data. Overseas, markets would be looking out for MBA Mortgage applications, initial jobless claims, industrial production and CPI data in the US and current account data in the Eurozone.