ICICI Securities: breach of 6050 level can take the Nifty towards 6150

Previous Week : The upward journey of the Indian markets continued during the previous week with support from stronger inflows by FIIs
	The upward journey of the Indian markets continued during the previous week too with support from stronger inflows by FIIs, which totalled about US$4 billion during the past 10 days. Though some minor profit taking was seen during the middle of the week, a sharp recovery on the last trading day helped the broad undertone to remain positive.
		On a week-on-week basis, the Sensex gained 450 points or 2.3% to
		close at 20045.18 while the Nifty also rose 133 points or 2.3% to finish at 6018.30
		On a closing basis, these have been the highest levels for both
		indices since January 15, 2008
		Among sectors; FMCG, healthcare, metals, technology, IT and auto
		remained major gainers. Outperformance of the large caps continued over midcaps
Week Ahead : Positive momentum is likely to be there in the Indian markets in the coming week
	Comparative strength of the Indian economy has been attracting robust fund flows from the global investors. This has been the primary force behind the relative outperformance of the Indian markets. Except Japans Nikkei, both Sensex and Nifty outperformed all other major indices globally during the previous week. On a month-to-date basis also, both Indian indices remained outperformers. It appears that it will require some significant negative development in the global space for Indian markets to fall significantly from here. Otherwise, we may see some occasional profit booking. However, that is not expected to take the Nifty lower by more than 200-250 points.
		The global economic health, especially the situation in the US
		meanwhile, remains worrisome
		This became evident after the FOMC statement, which again pointed
		out that the recovery was further moderating
		With problems still not over in Europe and more slowdown expected
		in China, India and some Asia-Pacific countries remain obvious choices for foreign funds
		This trend is likely to continue for some time and the positive
		momentum is likely to be there in the Indian markets in the coming week also
		A successful breach of 6050 level can take the Nifty towards 6150 on
		the higher side while immediate support is expected to be at 5900
		For the coming week, US GDP data for Q2 would be an important
		event to watch out for