The last week, Nifty ended flat at 5,252 also Sensex manged to close flat at 17,554. The Sensex made a high of 17,777, and a low of 17,276 over the week.

India’s inflation stood at 7.31% for December 2009 as compared to 4.78% for the previous month. This could add pressure on the RBI to suck out excess money from the system to control prices. Finally, the BSE 30-share Sensex ended flat at 17,554 and NSE Nifty also ended unchanged at 5,252 over the week.

The top gainers: The top gainers were Bharati Shipyard (up 36%), ABG Shipyard Ltd (up 35%), TCS (up 13.1%), Wipro (up 10.2%), Infosys (up 8.6%), ACC (up 7.5%).

The Top Losers: The top losers were SBI Subex Ltd (down 17%), (down 6.2%), Hindalco (down 3.9%), ICICI Bank (down 3.6%), Hindustan Unilever (down 3.6%) and Reliance Infra (down 3.3%).

IT companies posted better than expected Q3 results, which helped the IT Index to add 9% over the last week.

Coming to the Technicals, Nifty faces strong resistace at 5310 levels, a close above this indicates higher levels could be seen in the near term. Support is around 5220. The momentum indicators are currently in favour of some more downsides. The nine-day RSI (67) and the Stochastic Slow are trending downwards. Also the Moving Average Convergence Divergence is on verge of turning bearish.

Tags: nifty live support and resistance levels, nifty support, nse bse support, resistance for Nifty

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