Previous Week : BSE Sensex closed at 17,521.12 points, while the NSE Nifty closed at 5316.95
Key benchmark indices remained listless and consolidated in a narrow range. The Nifty traded in a narrow range of 5330-5260 for the week with high volatility. The broader market outperformed the benchmark indices as the BSE mid cap and small cap index closed with gains of 2.5% and 4.2% respectively.
The 30 share BSE Sensex closed at 17,521.12 up 91.14 points or 0.52%, while the NSE Nifty closed at 5316.95 up 38.05 points or 0.72% week on week basis. Bharti Airtel, DLF, HDFC and HDFC Bank, ICICI Bank, State Bank of India and JP Associates were the major gainers in the index, whereas Asian Paints, ITC and Infosys Technology were the major draggers in the index.
Nymex crude closed at $87.22/barrel increasing 2.6% on a weekly basis (as on Thursday).

Week Ahead: Key data to watch globally would be MBA Mortgage applications, Initial Jobless claims
Nifty on the weekly chart has formed a small bodied bullish candle with a small lower shadow, suggesting consolidation after last weeks's stupendous up-move. In the weekly time frame, the index has continue to form higher highs and higher lows. The narrow range bound consolidation for the week after last Friday's sharp up-move indicates that the Street is waiting for further directional cues from the first quarter results for FY12-13.
  • Nifty is likely to trade in the range of 5370-5260 for the coming week whereas, the broader markets are likely to continue with their recent out performance from the benchmark as the index heavy weights take a breather in the short term
  • A strong close above the 5350-5370 area will favour bulls for a dash towards the near term targets of 5450-5500
  • From a short-term perspective, the bullish gap area between 5190 and 5159 below last Friday's low is expected to act as a cushion in case of any throwbacks from current levels
  • In the month of July (till July 5, 2012), FIIs were net buyers to the tune of 1849 crore while DIIs were the net sellers to the tune of 1357 crore
  • Key data/events to watch globally would be MBA Mortgage Applications, wholesale inventories, Initial jobless claims
  • In India key data to watch out would be IIP, Monthly wholesale sale prices
  • Q1 FY12-13 earnings season will kick-start next week with tech majors Infosys and TCS announcing their numbers. Other key result to watch next week would be HDFC and HDFC Bank.