Market Outlook for next week October 25 to 29, 2010
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The Indian equity benchmarks closed the week with positive node. The 30-share BSE Sensex closed at 20,165.86 which was up by 40.81 points (0.2%) and the 50-share NSE Nifty went up by 3.4 points (0.06%) to close at 6,066.05.
Sector wise movement by last week:
The BSE Oil & Gas and Healthcare Indices were up by 2.7%. Capital Goods Index went up by 1%. Metal Index was down by 2.7% and Realty Index was down by 2.2%. In bluechip stocks, TCS went up by 9% because of the well outcome of Q2 results. The pharma majors Sun Pharma up by 5%. Ranbaxy, Cipla, RIL, Hero Honda and BPCL all were went up by 3.5-4%. Sesa Goa plunged 8.7% while Sterlite Industries also lost 5.5%. Wipro and HDFC fell 5% each. The NSE Nifty Junior rose 1.7%. CNX Midcap Index was up 1.1% and BSE Small-cap Index up 0.9%.
Market outlook for next week:
By next week also the indian stock markets will hover between the 5,800 to 6,250 levels. But the market broken the level of 5800, then there will be deep slide. The support level of Nifty will be around 5950 and 6000 at this level. There will be some kind of a consolidation will happen around 5900 to 6400 levels.
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