Indian Stock Market view for next week - August 2 to 6, 2010

Sensex was down by 124 points in last trade on Friday, pulled down by technology, FMCG, capital goods, realty, cement, auto, metal and power sectors.

Heavyweight ICICI Bank plunged nearly 3%; even Reliance Industries wiped out its gains and closed flat.

The 30-share BSE Sensex closed at 17,868.29, down 123.71 points or 0.69% and the 50-share NSE Nifty fell 41.30 points or 0.76% to settle at 5,367.60.

Earnings announcements will continue to dictate stock pricemovement in the week ahead. Outlook fo the week ahead is bearish.

The Index is currently hovering around the short-term support at 17,900, where the 21-day simple moving average is also positioned. The Sensex can however decline below this level to 17,716 or 17,395 in the near-term.

Resistances for the week would be at 18,084 and 18,237.

Regards,
Free Indian Stock Tips Team