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| capitalstars financial Research Pvt. Ltd. |
For the Nifty, 10,600 acted as a tough resistance level. The index witnessed selling pressure above 10,600 in 3 out of the 5 trading sessions. The Sensex slipped below its crucial support of 35,000 earlier in the week.
The Sensex rose 0.85 percent, while the Nifty gained 0.92 percent during the week. The broader market turned in a mixed performance but there was plenty of action in certain stocks.
The market was kept buoyant in part because of favourable macroeconomic factors like the rupee, which appreciated to a 2-month high, and crude, which fell 4 percent.
Another big factor that pushed the markets higher was consistent buying by foreign institutional investors. FII inflow was around $73 million in the past five days, while DII outflow in the same period totaled $181 million.
One big positive from last week was that Nifty did manage to hold on this support level. Technically, the market needs some strong triggers going ahead to extend the pullback and sustain at higher levels due to various important hurdles on the chart.
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