Previous Week : BSE Sensex closed at 16718.87 points, while the NSE Nifty shut the shop at 5068.35 points
Volatility continued to rule as the markets took a complete reverse swing post Monday's negative start. After initially hitting sub 4800 levels, indices made a complete U turn from Tuesday on the back of speculative buying, ahead of the possibility of a rate cut by RBI and rallies in global equity markets. Indices returned strongest weekly gains since mid- February ahead of IIP data and monthly inflation data to be announced next week
  • The 30 share BSE Sensex closed at 16718.87 up by 753.71 points or 4.72%, while the NSE Nifty shut the shop at 5068.35 up by 226.75 points or 4.68% W-o-W basis
  • L&T, Reliance Industries, State Bank of India, ICICI Bank, Axis Bank and Reliance Infra were major gainers for the index, whereas, Dr. Reddy's, Ranbaxy, Cipla ended almost unchanged for the week
  • The government unveiled a seven-pronged strategy to boost exports in an attempt to tide over economic problems at home and abroad. These include efforts to increase exports from the north-east region and the extension of interest subsidy scheme by one year till March 31, 2013
  • Nymex crude closed at $84.82/ barrel increasing 1.9% on a weekly basis (as on Thursday)

Week Ahead : Key data to watch globally would be US Advanced retail sales
Weekly time interval chart formed strongest Bull candle which engulfed price action of past three weeks. This is a potential trend reversal signal from technical perspective as lows of the week at 4770 levels remains a major support from medium term perspective.
  • Going ahead challenge for Nifty remains at 5135-5160 range which is seen as major hurdle being: lower range of the March-April consolidation (5160) and 200 day exponential moving average that is present at 5135. Pullback in prices from this resistance is expected to garner buying support in the 4960-5020 range
  • In the month of June (till June 7, 2012) , FIIs were net sellers to the tune of 594 crore while DIIs were the net buyers to the tune of 1903 crore
  • Key data to watch globally would be US Advanced retail sales, Consumer price inflation and Initial jobless claims and Euro Zone CPI. In India, data to watch would be IIP numbers and monthly wholesale price index.