Equity Pulse : Sensex up 361 points on short covering and global recovery

Dear Kundapur Govardhana Kini, We understand the need for the right research to make smart  investment decisions. To keep you well informed, we present the market outlook for this week.   Previous Week : Sensex was up 361 points this week on short covering and global recovery   Indian equities finally recovered from their 3 week of losses during the previous week on some short covering and also due to recovery in the global markets. Global markets recovered on hopes that Greece would get support     from Germany and other European nations to combat with its sovereign debt problems On a week-on-week basis, the BSE Sensex rose 361 points or   2.3%, to close at 16152.59. The S&P CNX Nifty, on the other hand, was up by 108 points or 2.3% to close at 4826.65 for the week The broad sentiment remained weak on global concerns   Week Ahead : Markets sentiment still not positive   Even though, the market came back into the positive territory, the sentiment has still not turned positive significantly. Concerns still remain on whether the market can sustain the gains.   FIIs remained on the sell side most of the days during past few     weeks. Despite Germanys comment that it would support Greece to fight out its debt problem, concerns on the extent of support remain   The previous week remained a holiday-shortened week and the IIP     data on Friday would also provide some direction to the market   The start of the week would depend on the global markets     performance If Nifty remains above 4850, we may see some further upward movement and on the downside support is likely to be around 4700 and 4650 Sincerely, ICICIdirect.com Did you know : You can set SMS Alerts to receive stock quotes of your favourite stocks