Weekly Market Summary

Last trading day: Thursday, 24 December

It was a busy week for our market that continued to trade in a tight range and then raced higher yesterday and today giving much cheer ahead of the holidays. FIIs were net buyers of $288.90 million in equities on December 23 alone. Experts feel the market has made a new top and if global cues are benign then it is headed higher. Once Nifty closes above 5200 decisively it is headed to 5400-5500 levels. Nifty has already made a new 2009 high today and Indian markets continue to look good amid its Asian peers. This week's smart figures were: Sensex up 3.7% and Nifty up 3.8%.BSE Midcap index was up 2.5%, BSE Smallcap index up 2.9% over the week. BSE Metal index was up 6.7%, BSE Oil & Gas index up 4.6%. BSE Bankex index was up 4.3%,BSE Realty up 3.7%, BSE Consumer Durables index up 3.3%, BSE IT index up 2.6% and BSE FMCG index up 2.3%.  

After a quiet start, market surged in late trade and closed smartly ahead of the long holiday weekend (Christmas on Friday and Muharram on Monday). Nifty closed with a new 2009 high. Sensex shut shop at 17360, up 129 points and Nifty at 5178, up 33 points from the previous close. CNX Midcap index was up 0.70% and BSE Smallcap index was up 0.60%. The market breadth was positive with advances at 717 against declines of 536 on the NSE.  

Nifty range has now moved higher, and for 2010 it could be 4700 on the downside and 5500 on the upside, says Salil Sharma, technical analyst, on Zee Business. Buy Biocon futures with a target of Rs 301 and stop loss of Rs 275, he adds. The stock is currently trading at Rs 282, up 0.09% on the BSE.  

Metals are at the cusp of a long-term bull market, says Vijay Bhambwani, technical analyst, on CNBC Awaaz. Top picks in this space for long-term gains are Hindalco, Nalco, Hindustan Zinc and Sterlite, he says. Buy them at every correction, he adds.