Week Ahead...

In the last week, BSE Sensex shed 2,185.85 points (3.57 percent) to end at 59,037.18, while the Nifty50 fell 638.55 points (3.49 percent) to close at 17,617.2.

On the sectoral front, BSE Information Technology index lost 6.5 percent, BSE Telecom index fell 5.8 percent and Nifty Pharma index shed 5.2 percent. However, the BSE Power index added 2.6 percent.

Among broader indices, the BSE Midcap index declined 4.3 percent, while Smallcap indices lost three percent after hitting a fresh high during the week.

The next week will be a truncated one as the Indian market will remain shut on January 26 for Republic Day.

Earnings will remain in focus as we enter into the last week of January. Those declaring results include Axis Bank, Larsen & Toubro, Marico, Cipla, Federal Bank, Maruti Suzuki India, Dr. Reddy's Laboratories, Kotak Mahindra Bank, Punjab National Bank, and Bharat Heavy Electricals.

Technically Nifty formed a bearish candle on a weekly scale and wiped all its previous week's gains. It negated its higher lows formation of the last three weeks and took a pause from positive momentum in the medium term perspective.

Now till it remains below 17,700, weakness could be seen at 17,500 and 17,350 whereas hurdles exists at 17,777 and 17,950 marks.