Weekly Market Summary

Last trading day: Friday, 11 December

Our market continued to trade in a range this week. Experts feel while market is seeing resistance at higher levels of 5180 it is not breaking down either and making higher lows, so it could head higher. The crucial Nifty level on the upside is 5180 and 5050 on the lower side. This week's flat figures were: Sensex and Nifty ended flat. BSE Midcap index was down 0.6%, BSE Smallcap index up 1.3% over the week. BSE Consumer Goods index was up 4%, BSE IT index up 2%, BSE Metaldown 2.8%, and BSE Bankex index down 1.4%. 

The market opened positive, touched the 52-week high briefly, then fell off sharply post the disappointing IIP numbers and closed in the negative. The street expectation was of 12-14% on the IIP data and though a 10.3% figure was good it disappointed the market. Experts feel the market uptrend is still intact and is likely to head higher next week. Sensex shut shop at 17119, down 70 points and Nifty at 5117, down 17 points from the previous close. CNX Midcap index was down 0.73% and BSE Smallcap index was down 0.83%. The market breadth was negative with advances at 419 against declines of 868 on the NSE. 

Any correction is a buying opportunity in this market, stay long in Nifty with a stop loss of 5050, says Rahul Mohindar, technical analyst, on CNBC Awaaz. If Nifty breaches that level then it could go to 5040-4950, he says. But Nifty is most likely headed higher to 5180 and then 5230, he adds.