Nifty: Technical bounce is not ruled out but short term trend looks down:: ICICI Sec

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Previous Week : Nifty closed towards the lower end of the range at 5750
	The markets have corrected sharply over the past few days on the back of negative global news (Ireland issues, geopolitical tensions between North and South Korea and China rate hike concerns) and local news (bank bribery scam). This has resulted in a reasonable correction in the markets. We did close towards the lower end of the range at 5750. .
		On a week-on-week basis, the Sensex went down by 2.3%, to close
		at 19136. The S&P CNX Nifty also lost 139 points, or 2.4%, to close
		at 5751 for the week
		CBI arrested 8 officials including top management of financial
		institution
		The trend leader BFSI segment bear the brunt throughout the weak
		and despite clarification from finance ministry, the markets refused
		to bounce back
Week Ahead : A small technical bounce is not ruled out but short term trend looks down
	The key question here is where are we now headed? Looking at current scenario it will be difficult to say that we can see a V shaped recovery tomorrow morning. Yes, we are in oversold zone, a small technical bounce is not ruled out but overall trend for short term looks down. The markets had a lot of news to digest this week and next week we will look forward to domestic Q2 GDP, infrastructure output and fiscal deficit on Tuesday. .
		From the global events, watch out for European Monetary Union
		ECB Interest Rate Decision on December 2, 2010 and United States
		Unemployment Rate for the month of November, 2010 on December
		3, 2010
		We would advise not to go out for bottom fishing in stocks which are
		linked to the bribery case since the financial impact could not be
		ascertained currently
		One should look out for markets to stabilise with low volatility to add
		blue chips in portfolio and not try to time the market which is actually
		impossible