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Last week’s Quick Update
Indian bench mark indexes Sensex and Nifty slumped over 2% during the week as weakness persisted in global markets. It started the week on a weak note and proceeded to trade in a negative manner in the middle of the week. However, last day of the week saw Sensex drifting below 18,000 and Nifty below 5,500 mark on aggressive selling seen in index stocks. On sectoral front, realty was worst hit, which tanked over 8% followed by metal, banks, IT, auto and teck which plunged from 3% to 1%.

The Sensex tanked 403.41 points (2.19%) to 17,998.41 in the week ended August 27, 2010 while the NSE Nifty plunged 121.95 points (2.20%) to 5,408.70 in the same period.

Inflation
Annual food inflation fell for the second straight week, to 10.05% for the week ended August 14, as prices of vegetables like potato and onion declined. Food inflation had softened to 10.35% for the week ended August 7 against 11.40% in the previous week.

Economy
The Cabinet approved the much-awaited direct taxes code (DTC) Bill on Thursday, which is likely to be tabled in Parliament during the ongoing Monsoon session and thereafter it may be referred to standing committee.The bill also seeks to remove surcharge and cesses on corporate tax, which could provide relief to business houses. The Government proposed to raise exemption limit on income tax from the present Rs 1.6 lakh to Rs 2 lakh.

Where the markets are moving?
Nifty has hit the higher level of 5550 and the further up move looks difficult at least till this year end Dec 2010.
At all Nifty has to move in upward direction then it has to close above 5550.
At the down side the Nifty is having support at 5390. After this the Nifty is having support at 5350, 5300, 5250

How FII behaviour is towards Indian Markets, we mentioned it at below links
http://www.daytradingshares.com/highlights/what_FIIs_buying_and_selling.html

http://www.daytradingshares.com/highlights/India_tops_in_Asia_for_FII_inflows.html

Weekly Gainers
http://www.daytradingshares.com/weekly_top_gainers_losers_group.php

Weekly Losers
http://www.daytradingshares.com/weekly_top_losers_group.html

Monthly Gainers
http://www.daytradingshares.com/monthly_top_gainers_losers_group.php

Monthly Losers
http://www.daytradingshares.com/monthly_top_losers_group.html

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