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Indian equities bounced back during the week and saw brisk selling again on the last trading day. Nifty traded in a range of 5310 - 5600.
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On a WoW basis, the Sensex was up by 483 points or 2.7%, to
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| close at 18211 | ||||||
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The S&P CNX Nifty also closed in the green up by 170 points, or
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| 3.2%, to close at 5480 for the week | ||||||
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Realty and ADAG stocks were the major losers, with stocks such as
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Unitech, Reliance Communication, Reliance Capital, Reliance Infra bearing the brunt
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| With prices of commodities like sugar and wheat declining a little bit, | |||||
| annual inflation in India based on wholesale prices eased marginally to 8.23% | ||||||
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Beaten down infrastructure stocks saw some value buying at lower
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| levels but ended the week well off their highs for the week | ||||||
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The reiteration by the Prime Minister to strike a balance between
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growth and inflation with a realistic target of 7% for inflation and 8.5% for growth lifted broader sentiments
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Amongst the key economic data releases, annual food inflation for
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the week ended February 5, 2011 was 11.05% a nine week low (previous recording at 13.07%)
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In US, the Commerce Department in a report said retail sales rose 0.3% in January 2011. The New York Federal Reserve has said in a report that the general business conditions index rose to 15.4 in February 2011 from 11.9 in January 2011 with a positive reading indicating growth in regional manufacturing activity. The Fed raised its 2011 GDP growth expectations to a range of 3.4-3.9%. The Commerce Department reported that the housing rate reported a jump of 14.6% to an annual rate of 596,000 in January 2011. The Philadelphia Federal Reserve said its index of regional manufacturing activity jumped to 35.9 in February 2011 from 19.3 in January 2011 while economists had expected the index to edge up to 22.0. On Friday, China raised Reserve requirement ratio by banks by 50 bps.
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Nifty has bounced back on week on week after falling for previous 3 weeks. During the month of February so far, FII were net sellers to the tune of
 3140 crores while domestic funds are net buyers to the tune of3328 crores. | ||||||
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Among the key global data to watch for in next week is Richmond
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Manufacturing Index, US Existing home sales, Initial jobless claims, EMU New industrial orders
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Nifty opened the week with a gap-up action and continued to exhibit
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strength for most part of the week. The index witnessed a round of profit bookings as it approached the key resistance zone of around 5600-5650 in the session on Friday
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| For the coming week, Nifty is likely to find support around 5370-5320 | |||||
range
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On the higher side, 5560 is the immediate resistance sustaining
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above which the index will re-attempt to move to the 5600-5650 range
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