Markets traded with mixed to positive bias for the last week amid mixed set of fundamental data flow and positive corporate results. The action remained out of the index and select midcaps rallied as market breadth remained flat. Metals, Banking, Telecom and Capital Goods did well while IT and Financials saw some selling. It was a week which saw stock specific performances from all sectors. The top gainers among Nifty stocks included Ambuja Cement, GAIL, Tata Steel, Idea, Sterlite, Bharti and Hindalco while Dr Reddy, ABB and BPCL were among the top losers.
The cues from global markets are positive this morning and our markets back home are looking promising going ahead. Last couple of weeks witnessed a smart consolidation in the major indices followed by a strong breakout on Thursday keeping the chances alive for a strong rally going ahead. 17800 on Sensex and 5340 on Nifty are crucial support levels to keep the positive tone intact for initial target objectives of 20000 and 6000 respectively. Maintain stoploss below the said levels and continue to hold long.