It has been amazing week for India….markets were on a roll and Indian Cricket team has been on a roll too. Sensex continued to march northwards breaking all resistances while Indian cricketers moved past all resistances to lift the World Cup after a gap of 28 years. Well done, India and Congrats to Dhoni and team! Meanwhile, Nifty was up 3% for the week as it moved past 5800. Banks helped the indices earlier in the week while IT stocks lifted it towards the later half of the week. Markets have rallied almost 10% in last two weeks as FIIs have again turned positive on Indian markets. Although markets have moved past all resistances during past 10 days and that too without much sweat, it seems that indices could consolidate around current levels as small and mid caps do the catching up. This phenomenon was in play even on Friday as mid caps rallied sharply while mainline indices remained almost unchanged. Next week could also see stock specific moves than indices or large caps. Auto and Cement counters might react to the monthly sales figures. IT stocks have rallied ahead of quarterly numbers and now must consolidate before the results season is kicked off by Infosys numbers.
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