Yesterday Indian share market closed with significant gains for the seventh consecutive week and barring oil & gas, all sectoral and both benchmark indices closed positive. Realty, power, auto and banking remained the lead performers and IT and metal, too, provided support to the indices. The Sensex was up 2.9% while the Nifty gained 3% during the week. The CNX Midcap index was up 5%, BSE Smallcap gained 3.5% and the Bank Nifty closed with 6% gain over the week. The BSE Auto was up 7%, BSE OilGas lost 1.6% while the BSE Power closed with 8.5% gain. The BSE IT was up 3% and the BSE Metal gained 2% over the week. The top Nifty gainers during the week were Reliance Power, Axis Bank,JP Associates and SBI while the biggest losers includedCipla, RIL, Coal India and GAIL.
Nifty Outlook for Next Week
Nifty added another 42 points to its value and maintained its upside momentum. The upside momentum remains intact as long as Nifty trades above the level of 5,400. Intraday supports for Nifty are placed at 5,530 and below that 5,480 is a very strong support. On the higher side the level of 5,610 and beyond that 5,650 are intraday resistances. There is a possibility of profit booking near the 5,650 level as it is the 61.80%. One should hold on Nifty long positions with a stop loss of 5,400.
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