Analysis of Nifty weekly charts suggest that a small bodied bullish candle with a long lower shadow has been formed which is indicative of a fact that it will get support at lower levels of 5000 mark and will remain bullish in the day ahead on Monday. However profit booking will take place at higher levels. A confirmed bullishness will commence in market, once it starts trading above 5130 level.
Formation of a higher bottom near the retracement supports (4960-4910) and a strong close above 5130, 5180 will propel the index toward 5250, 5350 odd levels in the near term.
During the week ahead the data/events to watch globally would be Greek re-elections, US Housing Market Index, FOMC Rate Decisions and Initial jobless claims. In India, data to watch would be RBI mid quarter review and monthly consumer price index. The RBI credit policy review on 18 June 2012 holds the key to likely direction in the stock market.
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