subject: Sensex (19,508.8) – Expected Outlook [print this page] Sensex (19,508.8) Expected Outlook Sensex (19,508.8) Expected Outlook
Last week: volatile session.
The Sensex shed 2.3% this week, to 19,509. The week saw banking heavy weights slump. SBI, the country's largest bank, crashed 11% to Rs 2,737.HDFC Bank plunged 7% to Rs 2,220. ICICI Bank shed 5.4% to Rs 1,118.Reliance Communications was one of the biggest losers and dropped 9.5% to Rs 126. Bharti Airtel was down 4.3% to Rs 331.DLF and Reliance Infrastructure were the major infrastructure losers and dropped 7.5% and 6.5%, respectively.Bajaj Auto was down 6.5% at Rs 1,492. Tata Motors slipped 5% to Rs 1,248. Hero Honda and Mahindra & Mahindra dipped 2.6% each to Rs 1,783 and Rs 778, respectively.Other losers included Cipla, HDFC and Jaiprakash Associates.
The winners were Wipro,Infosys, NTPC, BHEL, Jindal Steel, Maruti Suzuki, Tata Steel and Reliance.
Hints for the coming week:
With an impending fuel price hike and RBI's monetary policy review scheduled for the week ahead, it is going to be a tough challenge for Sensex to hang on to the current levels
We expect the index to move in the band of 19500 to 21500 in the coming week too.
As the year end draws closer, expect more FII's to take off their profits from the markets. volatility can be expected.
If the index declines below 19000, then the next support level is at 18880 , 18500 and 18000 respectively
Global markets:
Many benchmarks such as Russia's RTSI Index, Austria's ATX, S&P 500, Karachi 100, Mexico's IPC, Seoul Composite, Taiwan Weighted and so on closed at a new 2-year high last week. European and US markets also closed with marginal gains.
The authoris the founder ofwww.sharemarketschool.com, a website for share market enthusiasts
