The Sensex regained the 20,000-mark after a month on the back of renewed buying in technology and realty stocks. The index swung in a range of 648 points during the week, from a low of 19,447 to a high of 20,095, before settling with a gain of 603 points at 19,966.
However, the upmove lacked momentum and the index was unable to sustain gains on most occasions owing to profit-taking at higher levels.
The indices are near record levels and may challenge them this week with some help from the overseas markets. Technically, the bias remains positive and will continue to remain so as long as the index stays above the 18,660 mark.
Global factors, such as the outcome of US Fed meet scheduled on Tuesday, are likely to have a significant impact on the market direction. The Sensex may face resistance around 20,215-20,290-20,365 during the week, while it is likely to find support around 19,720-19,640-19,565 on the downside.
The Nifty moved in a range of 288 points last week. It surged from a low of 5,755 to a fresh all-time intra-day high of 6,042 before settling at a record 5,974, up 212 points.
If the Nifty manages to close above the 6,000 mark, the rally may stretch to 6,150 where stiff resistance is likely to emerge. The short-term (20-days moving average) is at 5,774 and the mid-term (50-days moving average) is at 5,623. The Nifty is likely to face resistance around 6,085-6,115-6,150 this week, while on the downside it may find support around 5,865-5,830-5,795.
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