Bazaar this week ( 3 Jan to 7 Jan 11 )

by khalid on 10/01/2011 · 0 comments

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Last Week ( 3 Jan to 7 Jan 11 ) :
Indian share market seen a big correction on the last trading day of the week and closed more than 3.5% for the week. It closed in red for all the five trading days for the week. On a week-on-week basis, the Sensex was down by 818 points or 3.90%, to close at 19691 levels. The S&P CNX Nifty also closed in the red by 253 points or 3.7% to close at 5904 for the week. Banking, Auto, Capital goods, Cement stocks were the major losers, with index heavyweights like State Bank, L&T and Tata Motors witnessed heavy selling pressure.

Week Ahead ( 10 Jan to 14 Jan 11 ) :
The market sentiment was weak as data showing a surge in food inflation in late December 2010 rekindled fears of interest rate hike by the Reserve Bank of India (RBI). Nifty has crucial support at 5850 from the upper band of the channel holding on to which it can see some pull back and test 6050-6100 levels on the upside. Failure to sustain above 5850 can test November 2010 lows of 5700 levels.

Stay tuned to BelltheBull Blog for more news on Indian share market !

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