14 November 2010

For the Nifty, the supports are likely to be 6000 followed by 5930: ICICI Sec

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Previous Week : Indian equities witnessed profit booking near their all-time highs
 
 
Indian equities witnessed profit booking near their all-time highs as key benchmark indices tumbled. The Nifty closed well below the 6100 level. The sell-off by foreign and domestic investors on rate hike fears in China, payment default by the Dubai group and disappointing industrial production data shook the markets. Industrial output in September 2010 rose at a much slower-than-expected rate of 4.4% from 8.2% a year ago.
On a week-on-week basis, the Sensex was down by 758 points or
3.7% to close at 20156.90
The Nifty was down by 210 points, or 3.8%, to finish at 6071.65
The fall was purely led by heavyweights - especially State Bank of
India, DLF, Unitech and Bharti Airtel
In global markets, Ireland warned on Thursday of a surge in its
borrowing costs to record highs
The $1.7 billion follow on public offer of state-run Power Grid
 
Corporation was subscribed 13.58 times by 15:00 IST on the last day of bidding today, NSE data showed
 
WeeAhead : For the Nifty, the supports are likely to be 6000 followed by 5930
 
 
On the data front, third-quarter euro-zone GDP is due on Friday

along with euro-zone industrial-production data
In domestic data, the wholesale price index for October will be
 announced on Monday, November 15, 2010
In global data next week, the market will keep a close watch on US
retail sales, housing statistics and jobless claims data
 For the coming week, there may be some pressure on the markets.
 However, for the Nifty, the supports are likely to be 6000 followed by 5930. On the higher side, the Nifty has resistance at 6220 and 6310 levels

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