Week Ahead....

The market maintained upward bias for fourth consecutive week ended December 13 due to Friday's sharp recovery from day's low, signalling the continuation of buy on dips strategy.

The BSE Sensex gained half a percent at 82,133, and the Nifty 50 rose 0.4 percent to 24,768, while there was mixed trend in the broader markets as the Nifty Midcap 100 index climbed half a percent and Smallcap 100 index declined 0.4 percent.

We expect markets to consolidate in a broader range with gradual upmove likely on the back of sector rotation and stock specific action.

Technically, the Nifty 50 turned strong with closing above the falling resistance trendline as well as enter in the upper band of Bollinger bands in the last week, but sustainability of above 24,700 is the key for further direction. If the index sustains above it, the further rally towards 24,860 and then 25,000 can't be ruled out, but the failure to hold it may drag the index down towards 24,500 and then 24,350 zone.

The derivative data indicates that the Nifty 50 may be moving towards 25,000 mark, with support at 24,500-24,400 levels.