Despite an intra-day dip to 5,350, the Nifty more or less moved in the trading band of 5,400-5,550. It ended with a gain of 71 points at 5,479 and looks likely to continue its range-bound movement.
The index has closed marginally above its short-term moving average (20 days) of 5,463. The medium-term (50-days) moving average is 5,406. The bollinger bands suggest a trading range of 5,375-5,550.
Momentum indicators are not indicating anything conclusive at the moment. One needs to wait for a clear breakout from the trading band for any new trend to emerge. The bias seems positive for the next week.
The Nifty may face resistance around 5,542-5,562-5,582 next week and find support around 5,416-5,397-5,377.
The Sensex this week moved in a range of 535 points — from a low of 17,820, the index recovered and rallied to a high of 18,356. The index finally settled with a gain of 223 points at 18,221.
According to monthly charts, the Sensex may face resistance around 18,375 and seek support around 17,720-17,560. On the upside, the index may face resistance around 18,500, above which it may jump to 18,745-19,000. However, if the index stays constantly below 18,150, it may re-test 17,700 this month.
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