The BSE Sensex clocked its best week since July 2009. The index gained 7.3 per cent last week to close at 16,846.83 amid hopes of a solution to the euro-zone debt crisis.
"The Nifty has rallied up 7.23% during the week forming higher tops and higher bottoms with support around 4918. The immediate resistance is seen around 5110," said Dharmesh Pancholi, Senior Manager, Advisory (Equity) at Sharekhan Ltd.
"The Nifty is expected to continue the bounce till 5110, which is a 61.8% retracement of the fall from 5400 to 4640," added Dharmesh.
"In the current upward Momentum banking and metal are the sectors that could remain trader's favorite. Stock to watch out for upward move during the week are SBI, Hindustan Zinc, Kotak Mahindra bank, Lic hsg, Tata power, Sail and Tata steel Ltd," said Rakesh Gandhi, Sr Technical Analyst of LKP Securities Ltd.
"FIIs injected Rs 1,641.49 crore in last three days last week, since November 30, including provisional data of December 2, which is positive news for the stocks market," according to a report.
The rupee which has depreciated over 14% this year against the US dollar closed 26 paise higher at 51.20/21, fresh two-week high-level on Friday amid a rise in stocks and sustained dollar selling by exporters.
According to report by CARE Ratings, "the RBI could maintain the rupee rate in its current range of Rs 50-52 to a dollar. In the event that the RBI maintains a non-intervention stance under uncertain euro conditions, the rupee could move in a volatile range of Rs 52- Rs 55 to a dollar."
Stocks in news dec 5 2011 :
Bank of India after the state-run bank said late on Saturday that it would acquire a 51 percent stake in Bharti AXA Investment Managers Pvt Ltd, an asset management company to Bharti AXA Mutual Fund.
Reliance Industries Ltd after the oil ministry has asked Reliance Industries to prepare a fresh estimate of gas reserves in satellite fields of the KG-D6 block and submit a new cost assessment for developing the new discoveries.
ONGC after the Finance Ministry will decide on the date of the follow-on offer of Oil and Natural Gas Corp (ONGC) after the government appoints independent directors for the state-owned company.
JSW Steel Ltd on reports the company hopes to start work on the company's planned Rs 20,000-crore greenfield steel and power project, which promises 3 million tonnes in additional steel capacity in the first phase, electricity to the state grid and jobs for the uninitiated.
DLF Ltd after the India's largest real estate company has informed the Bombay Stock Exchange that it has received the first tranche of Rs 200 crore from IDFC, which is in the process of acquiring 100% shareholding in a JV company of DLF called Galaxy Mercantile.
Retail stocks will be watched after Congress' powerful regional ally, Trinamool Congress, exercising a national veto to get the Centre to put the decision to allow 51% FDI in retail trading on hold, the Cabinet is expected to meet before Wednesday to factor in necessary changes in the policy document.
Kingfisher Airlines Ltd after Mumbai airport authorities has put the airlines on cash-and-carry notice. From Saturday, the airline will have to start clearing the dues it owes to the Mumbai airport operator.
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