|Markets Recovered All The Losses Of Prior Week|
|News - Business|
|Written by Mediabharti Syndication Service|
|Sunday, 06 December 2009|
Mumbai (India): On a week-on-week basis, the BSE Sensex gained 470 points or about 2.8% to close at 17101.54. The S&P CNX Nifty, on the other hand, added around 167 points or 3.4% to close at 5108.9 for the week.
Both Indian indices failed for the third time to breach their 2009 high. The most prominent attempt being the latest one during the last week. This clearly indicates a lack of confidence among participants and fresh positive triggers for the markets.
Global equity markets have been moving up along with gold and other asset classes, simultaneously, mainly due to huge liquidity. Any concern on that front can stop this rally.
In India also, food price inflation continued to soar and reached 17.47%. Along with surprisingly high GDP growth and strong IIP numbers, this may prompt the RBI to take some action in the near future. All these may not go well for the market.The momentum, however, still remains strong and at every downfall, buying is likely to emerge. According to the chart patterns, the Indian markets are likely to see some weakness, at least initially during the coming week. However, one needs to look closely whether they can sustain above some important levels. For example, 5000 for the Nifty and 16650 for the Sensex. If this happens, some rebound would be possible.
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