Sensex Last Week

Sensex (12009.5) - Nifty (3478.6)

A momentous week indeed for the Sensex to have touched again the magical figure of 12000 and close above it four months after it fell off that mark with slightly increased volumes. However it was not without the scare it gave on monday which helped to ward off the complacency.Adding to the scare was the volatility for the week.It is now the eight consecutive week of positive gains for the sensex.Nifty, on the oher hand closed almost flat with minimal gains of .2% but with robust volumes.The sensex is now at a very critical juncture and faces resistance at 12100.

OUTLOOK
The medium term outlook still remains vibrant and strong as put down last week.Any fresh positions have to be taken only after sensex closes above 12200 and with increased volumes else long positions can be put off for the time being.FII's which were net sellers in the beginning of the week, turned net buyers in the cash segment as the recovery gained force.

SBI
It reversed from a weekly low of 910 to close at 979 with a return of momentum in the daily charts.Next target for this stock will be 1010 where it can face minor resistance.

Reliance
This stock is still in a consolidation phase and had a flat close at 1140 for the third week running.A positive breakout with good volumes can make the stock touch 1225 and even go beyond it.

Infosys
It managed to close above the pshychological barrier of 1800 this week with a slight increase in volumes.Frsh long positions will have to be initiated after a breakout above 1850 with good volumes as the stock looks weak in short term.