Last week was a quite week in the markets with the index choosing to move in a 70 point range.
However what was not small was the big FII investment which went upto 5780 crores or close to 1 billion dollars last week alone.Add an assessment by Goldman Sachs that they expect BRIC to outperform and it was difficult to understand the small range from the week.
It could be the nervousness ahead of earnings with Thursday being the big day for Infy and TCS and IIP data to decide a potential cut by the RBI later in the month.
From a technical perspective we sat twiddling our thumbs in the week gone by. Have a look-
The NF after having auctioned the 5290- 5350 region may choose to spend time in the 5244- 5295 region .
Only a move below 5223 can bring 5180 in the reckoning again.
The BanknIfty was the stronger of the two indices today, auctioned well above the previous day's low all through.
The CHVN at 10470-10490 will invite buying efforts and only a move below that can bring 10290 in the index.
Globe is weakening, BRIC is again gaining risk appetite, earnings expected to be tepid, FII's on the buy side and RBI on the verge of cutting rates. Surely will be an interesting week ahead.