Equity indices: The Nifty has had an extremely volatile week, quite contrary to the view we had been taking. However, this does not yet indicate strength in the trend. The trend remains in a two way volatile mood with no clear directional thrust as yet. We expect the market to continue with this characteristic and send confusing signals for some more time. In the near term the trend is therefore likely to remain indecisive. From an overall perspective the Nifty can be considered positive as long as it stays above 5400. The NSE Midcap index too is attempting a bounce back and can gain technical strength. However, it is a wait & watch until clarity emerges.

Commodities: Amongst Base metals, Aluminium has the best odds to move higher. Zinc and Copper are in a trading range and is a wait and watch. In bullion, Gold and Silver both look good to advance further but Silver appears to be having more strength than Gold. Crude is likely to continue with its uptrend with $105 as the nearest resistance.

Currencies: Dollar/Rupee may move sideways with a negative bias. Euro/Dollar uptrend can sustain however it may lack the momentum. Dollar/Yen is likely to trade positive and can target higher levels. The DXY remains weak and can decline further to 76.