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Having risen over 4.5% this week, the Nifty and the Sensex are seen rallying next week as well, though the Parliament's upcoming vote on 51% foreign direct investment in multi-brand retail will be eyed by investors for more cues. The Lok Sabha will discuss the FDI issue on Tuesday and Wednesday, and the Rajya Sabha after that. Yesterday, the Nifty and Sensex ended up 0.9% each at 5879.85 and 19339.90, respectively. The indices have posted a rise of over 4.5% each for the month
as well.
US President Barack Obama's confidence on striking a deal with the US Congress to avert the US fiscal cliff has supported equities. On Monday, overseas markets will continue to lend cues to investors. US index futures were trading mostly flat today before the release of consumer- spending data for October. For the next week, We may see resistance for the Nifty at 5900 and next resistance at 5950. Support for the index is seen at 5800. Among sectors, investors in automobile and cement companies will track sales data for November, due on Saturday. The bias for banking, metal, and capital goods companies is also likely to remain positive as their futures contracts saw a high rollover of mostly long positions into the December series, reflecting investors' view on the sectors.
