Previous Week : Sensex was up by 42.46 points for the week to settle at 17404.20 levels
Indian Equity Benchmark snapped its five weeks loosing streak as it closed the week with marginal gains amid high volatility. The Nifty started the week on a bearish note and traded with negative bias for the first half of the week but managed to recover all its losses on last day of the trading session as it gained more than 100 points due to buying interest across sectors after Finance Minister Pranab Mukherjee said there will not be blanket tax imposition on holders of participatory notes. Nifty during last week trade bounced back taking support at the 200 days SMA placed around 5150 levels.
  • The BSE benchmark Sensex was up by 42.46 points or 0.2% for the week to settle at 17404.20 levels
  • The NSE Nifty ended at 5295.55 levels, up by 17.35 points or 0.3%
  • Coal India, Dr Reddy, Ranbaxy, Wipro and Tata Steel were the major gainers in the index whereas Cairn India, NTPC, State Bank of India, and BHEL were the major draggers in the index during last week's trade
  • Indian stocks remained under pressure through out the week on account of the uncertainty behind taxation of foreign investors as a main factor
  • Core sector for the month of February came in at 6.8% (a seven month high) mainly led by Coal production growth of 17.8% (Coal production had contracted 5.8% in February 2011)
  • Nymex crude closed at US$103/ barrel declining 4% on a weekly basis (as on Thursday)

Week Ahead - FIIs were net buyers to the tune of 5554 crore
The Nifty on the weekly chart has formed a bullish Hammer candlestick pattern which signals trend reversal and on the coming week trading above the previous week high will turn the tide in favour of the bulls. On the higher side Nifty has immediate resistance at 5385 and 5500 levels the latter being the previous immediate top of March 14, 2012.
  • The Nifty during last week trade bounced back taking support at the 200 days SMA which is currently placed at 5150 levels, which will act as crucial short term support for the index
  • In March 2012, (till March 29), FIIs were net buyers to the tune of 5554 crore while MFs were net sellers to the tune of 3328 crore
  • Key data to watch globally would be pending factory orders, MBA Mortgage Applications, initial jobless claims and ECB interest decisions
  • In India, key data points to watch out would be Monthly car sales, February Export and Import numbers.