Weekly Review and View - Last Week 2012

Weekly Review

It was quite obvious that indices on Monday this week will open in line with the global signals and were quite silent on the initial day of the week. As expected, we also witnessed substantial volatility on the day of the RBI Monetary policy. No change in monetary stance initially triggered a fall but a recovery in the second half in the PSU banking counters led to a close in the green. During the last two trading sessions, pessimism returned into the market on the back of negative news flow from US markets. A fall of more than a percent on Friday's session led indices to test '20-day EMA' and eventually close marginally above it. The Sensex and the Nifty ended the week with a nominal loss of 0.39% and 0.54%, respectively.

Future Weekly View

According to technical analysis tools such as daily momentum oscillators indicate a relatively higher probability of a short term correction in the market. The said possibility will be confirmed only if indices sustain below last week's low of 19149 / 5823. During past certain years, volatility is observed to be at low in the year end week. There is a great possibility of such a trend repeating itself, however any adverse development with 'Fiscal Cliff' may result in enhanced volatility in the market.

Weekly Pivot Level for LT:

|| R2: 1,707 || R1: 1,648 || PIVOT: 1,615 || S1: 1,557 || S2: 1,524 ||

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