Markets will keep a close watch on key economic data: ICICI Sec

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Previous Week : Sensex was down by 612 points, to close at 18,395
	Indian equities witnessed heavy selling post RBI rate hike on Tuesday and selling intensified on the last two trading days of the week. Nifty closed at 5512 down 3.2% after remaining in tight range over the last week. On Friday it fell below 5500, however, a mild recovery saw nifty regaining 5500 level.
		On a week-on-week basis, the Sensex was down by 612 points or
		3.2%, to close at 18,395
		The S&P CNX Nifty was down by 184 points, or 3.2%, to close at
		5512 for the week. Power, Construction, Oil and gas, Real estate were the major underperformers while Reliance, DLF Limited, HDIL, Maruti, Tata Motors witnessed heavy selling pressure
		RBI hiked the Repo , Reverse Repo by 25 bps while CRR remain
		unchanged
		Food inflation was ~15.57% (up from 15.52% previous week)
		The primary article prices was up by 17.26% in the week as
		compared to 17.03% a week earlier. However, the December 2010 inflation numbers was 8.43% (up from 7.43 % in November 2010)
		Sterlite Industries delivered their Q3 FY11 results beating street
		estimates while HDFC Bank delivered earnings in line with street expectations. HUL, JSW Steel numbers missed the street estimates
		Data from US was a mix bag .The National Association of Realtors
		reported that its pending home sales index rose by 2.0% in December 2010 following a revised 3.1% increase in November 2010, its highest level since April 2010
		The Fed in its monetary policy revealed no change to its key interest
		rate and held it in a historically low range of 0 to 0.25%
Week Ahead : Major Index companies to declare their Q3 results are Maruti, Sun Pharma, NTPC, CIPLA
	Nifty witnessed selling pressure post RBI rate hike. Foreign funds have been net sellers on Thursday (1,651 crores) while not much buying came in from DIIs to support the market.
		Major Index companies that will declare their Q3 results include
		Maruti, Sun Pharma, NTPC, CIPLA
		Among the key global data to watch for is European Monetary Union
		unemployment rate, European Monetary Union retail sales, US initial jobless claims, US farm and Non farm payrolls and US employment rate
		Nifty has closed below 200 days SMA which was placed at 5610
		levels suggesting weakness and any bounce may see fresh selling pressure, it has immediate support at 5480 breaching below which it can test 5350
		On the higher side, 5630 and 5740 are strong resistance levels for
		the week