Week Ahead...

Selling pressure continued for the third successive week as recession fears deepened in the West, with the Indian equity benchmarks falling more than 1 percent in the week ended September 30.

The Sensex plunged 672 points to 57,427, while the Nifty50 tanked 233 points to 17,094 during the week.

Broader markets also traded in line with the benchmark, as the Nifty midcap 100 and smallcap 100 indices declined 1.3 percent and 1.5 percent.

Given the volatility and subdued global environment, the domestic market would focus on global cues, September quarter earnings, monthly manufacturing and services data along with currency trends.

Technically Nifty managed to get back above the psychologically vital 17,000 mark as well as its 200-day simple moving average (around 16,990), with crucial support at 16,750.

The options data indicates that the Nifty will see a broader trading range of 16,500 to 17,600, while in the immediate term, the range could be between 16,700 and 17,500.