Weekly Equity Wrap - Aug 22 2010

During the week the benchmark indices maintained their winning streak by closing in green for the third consecutive week. On a weekly basis, The sensex as well as the Nifty closed at the highest level since the week ended January 18, 2008. On a weekly basis, the Nifty gained 1.44%
to close at 5530.65.




The market view continues to remain positive. After a long time the NIFTY has finally crossed the 5500 level and going forward if the markets the markets continue to witness strong FII Buying, then the markets could scale new highs.



However before it comes closer to 5650, there could be bouts of profit taking from both investors and traders as the markets have moved sharply in the last few trading sessions.



ON THE DOWNSIDE THE SUPPORT FOR THE MARKETS LOOK STRONG AT AROUND 5372 LEVELS AND ON THE UPSIDE IT REMAINS IMPORTANT THAT THE MARKET SHOULD SUSTAIN 5500 LEVELS and decisively cross 5540 levels for a further upmove, OTHERWISE THERE IS A POSSIBILITY OF MILD RETRACEMENT