Market ends weak for the week

Indian markets closed weak.It was a volatile week for the market.From the very beginning of October Indian markets showed an upward trend.Bulls were in control. FII inflow happened in a huge manner. Both sensex and nifty crossed 17,000 and 5000 mark respectively. But when reached the second week some profit booking have taken place. I think FIIs were inactive in this week. They just watched the show. As a result volatility witnessed in Indian market.

TRAIs recommendation for second billing came as a shock for Indian traders and increased selling pressure was witnessed in telecm stocks. RIL announced 1:1 bonus which was a diwali gift ahead of diwali for indian investors. But indices failed to reflect the enthusiasm. Indian market underperformed golbal peers for the week. This week Indian traders neglected global cues completely.

Both sensex and nifty down by about 3% for the week. IT stocks were main losers above 7%. Inspite of good infy numbers traders sold tech stocks. For the coming week I expect some volatility in the first two days. There after market will become consolidate. After diwali bulls will be back. Sensex will remain in 17,000 range till the end of september.Nify will trade above 5000mark. Short term rally is expected in telecom and IT stocks since bottom level buying will take place in coming days. Airtel and IDEA looks hot for the coming days.