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S&P500 dilly dallied and moved in both directions last week. Coming week might witness stiff resistance at 1350 level. The trend looks indecisive at present.

Bovespa made a smart upmove last week. If it continues to trade above 68100 then a short term uptrend is confirmed which can take the index closer to 70000 in the coming week.

SSE market remained sideways with a positive bias last week. If it fails to conquer 2950, then weakness could seep in which can see it retest its recent lows closer to 2850.

Contrary to our view Dollar/Rupee slipped and kept making lower lows last week. Coming week could see it drift lower but possibly at a much slower pace. Supports to watch is 44.60 and resistance at 45.50.

Euro/Dollar

The EUR/USD maintained a bullish bias and breach of 1.3860 last week further added to its technical strength. The coming week could see it attempt higher levels closer to 1.4200 levels.

Dollar/Yen

Aluminium moved completely in line with our projections. However, its uptrend is appearing a bit tired at current levels. The trend can weaken below $2545. Till this support level is sustained, Aluminium can be seen as positive.

Zinc traded sideways for the major part of last week. Coming weeks may witness range trading within a band of $2400 on the downside and $2600 on the upside.

Medium term technicals suggest a neutral view at this stage but oversold technical indicators suggest that sharp declines may not be round the corner. It is a wait and watch as we await the trend change that can occur.

BSE PSU had a good upmove from early part of last week. Its trend looks strong and 8750 level will be a stiff resistance on the upside for this index.

BSE Bankex also exhibited considerable strength last week. Its uptrend may persist if the resistance of 12850 is breached on the upside.

Nifty making a trend channel: The Nifty has made a trend channel since October 2009. After falling back into the channel, the Nifty reached its lower support level of 5200. This was as per our expectations. The Nifty has received support at the lower channel line and this can lead to a technical bounce back.