Week Ahead...

It was another better week for the equity markets as the benchmark indices clocked one percent gains to end at record closing high for the week ended December 2, tracking positive global cues and favourable economic data.

The BSE Sensex rallied 575 points to 62,868, and the Nifty50 rose 183 points to 18,696, while the broader markets gained significant momentum and performed much better than leading indices, with the Nifty Midcap 100 and Smallcap 100 indices gaining more than 3 percent and 2 percent respectively.

Given the recent one-sided run in the coming week, initially some more consolidation is likely especially ahead of a monetary policy committee meeting but overall having strong momentum and favourable cues, northward journey is expected to resume once again towards 19,000 on the Nifty in following days.

Technically Nifty50 closed Friday's trade with bearish candle, which was on expected lines due to profit taking after a rally in previous 8 sessions in a row, but for the week, there was bullish candle formation and in fact, the index ended at record closing high with continuing higher high formation for seventh consecutive week, indicating the momentum is intact.

Hence, after expected consolidation with support at 18,500-18,600 area followed by 18,300, the Nifty50 is expected to march towards its 19,000 mark in coming weeks.

The Option data indicated that 18,500-19,000 is expected trading range for the Nifty50 in short term.