Nifty has crucial support at 5370-5330 levels: ICICI Securities

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Previous Week : Realty, Banking, Power, Capital goods stocks were the major losers for the week
	Indian equities closed at the lowest point of the week for the fourth time in the last five weeks. It witnessed high volatility as Nifty traded in a 5556- 5370 range. Market faced major selling pressure on last trading day of the week on which it tanked more than 2%.
		On a week-on-week basis, the Sensex was down by 387 points or
		2.1%, to close at 18008 levels
		The S&P CNX Nifty also closed in the red down by 117 points, or
		2.1%, to close at 5395 for the week
		Realty, Banking, Power, Capital goods stocks were the major losers,
		with index heavyweights like ITC, Reliance Communication, Hero Honda, witnessed heavy selling pressure
		Indian government revised its GDP estimates upwards to 8%
		from 7.4%
		On earnings data, NTPC delivered numbers in line with street
		expectation while Hero Honda and Sun Pharma missed the street estimates
		Amongst the key economic data released, annual food inflation rose
		to 17.05% (previous week 15.57%) while fuel inflation rose to 11.61% (previous week 10.87%)
	At the start of the week, positive economic data from US was negated by civil unrest in Egypt as traders resorted to risk aversion. ECB kept the rates unchanged at 1%. In economic news, the Institute for Supply Management - Chicago noted that the Chicago business barometer rose to 68.8 in January 2011 from 66.8 in December 2010 with a reading above 50 indicating growth.
Week Ahead : Nifty has crucial support in the range of 5370-5330 for the week
	Nifty has tanked almost 500 points during last two weeks, which has resulted bearish sentiment among investors. Foreign funds have been net sellers in 4 out of last 5 trading sessions, while domestic funds are net buyers.
		Among the key global data to watch for is ABC / Washington post
		consumer confidence, Germany and UK industrial production data, Bank of England interest rate decision, US wholesale inventories
		Nifty has crucial support in the range of 5370-5330 for the week
		breaching below which the index can test 5150 levels
		On the higher side, weeks high of 5556 is the immediate resistance
		sustaining above which the next resistance comes around 5630 levels