Hello,
MARKET ROUND UP
Markets resume downtrend
After taking a breather last week, markets resumed their downtrend this week. The downtrend accelerated on Thursday on the back of a rise in Crude Oil prices. The key Nifty support levels of 5400 were broken in the process. While the Sensex lost 2.8% W-o-W, the Nifty shed 2.85% over the same period. Reflecting the weak sentiments, market breadth was negative in all the five trading sessions of the week.
The top gainers of the week from the Nifty CNX 500 were Nalco, Rel Infra, Cairn, Triveni, Titan and Reliance. The top losers of the week were Mphasis, Aurobindo Pharma, Patel Eng, Jet Airways and GT Offshore.
OUTLOOK FOR THE WEEK AHEAD
Although the rally witnessed during most of this week could continue, it must be remembered that the underlying intermediate trend remains down. We recommend investors to have a cautious approach. Immediate support on the Nifty is 5,400 while the next resistance to watch for is 5,600
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Warm Regards,
Stock Market News Team
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