The week ahead: Indices at psychological barrier..

The markets have been on a roll so far with 5th weekly gains consecutively. The benchmark indices The Sensex and the Nifty closed at 28893 and 8,940 respectively and both the indices have moved past the key resistances at 28500 and 8800 respectively.

Going ahead, positive market cues and Buy back announcements have brought in a lot of enthusiasm in the markets. The markets have already logged in 7% gains in the last 5 weeks and this momentum is likely to continue till the assembly election results come out on March 11th. For this week, there are no major triggers awaited. Auto sales numbers for February and GDP data to be published on Tuesday are the major events to be noted.

The near term market direction seems to be positive. A fall in GDP data ( to be announced on Tuesday) and surprise results in assembly results can cause the markets to retreat a bit.

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