Weekly Market Summary

Last trading day: Friday, 13 November

 It was a mildly volatile but positive week for the Indian market that defied consensus view of weakness. Experts believe if Nifty crosses crucial 5040-5050 levels then it is headed higher and bulls will take charge once again. This week's good figures were: Sensex and Nifty both up almost 4.3%. BSE Midcap index was up 3.8%,BSE Smallcap index up 3.3% over the week. BSE Metalindex was up 7.2%, BSE IT index up 6.5%, BSE Bankexindex and BSE Oil & Gas index both up 5.3%, BSE Auto index up 4%, up 2.1%, BSE FMCG index up 3%. WhileBSE Realty index was down 2.2%.

 It was a good Friday the 13th for the Indian market that closed higher despite quiet global cues. Asian markets had a lackluster session while European markets were trading flat and our market closed with a smart rally. Sensex shut shop at 16848, up 152 points and Nifty at 4998, up 46 points from the previous close. CNX Midcap index was up 0.20% and BSE Smallcap index was up 0.69. There was good buying in auto, metal and IT stocks while realty stocks saw profit booking. The market breadth was positive with advances at 636 against declines of 624 on the NSE. Top Nifty gainers includedMaruti Suzuki, SAIL and Hero Honda while losers wereSuzlon, JP Associates and Power Grid. 

 Market falls faster but rises slowly and today's positive momentum shows Nifty has resistance at 5050 where the trendline was broken last time. If Nifty is able to cross this level, the next target is 5152-5180.