The festive mood in markets is likely to continue this week on the back of positive global cues and stock-specific activities, particularly in shares of auto and cement companies which will come out with their monthly sales figures.
Last week benchmark indices Nifty and Sensex closed on a positive note, higher by more than 6 per cent on a week on week basis. The rally was led by sectors like metals and realty which gained more than 9 per cent and 8 per cent, respectively.
Market experts said at present the global cues are positive as Europe saw a way-out to its problem, the US also delivered good GDP numbers (2.5 per cent). The week will see stock-specific activity as the second quarter earnings season gathers momentum. Besides, automobile and cement stocks will be the focus as the companies would unveil their sales volume data for October.
In the week ahead, the Sensex can move up to 18,050 or 18,176. If the rally persists, next target would be 18,500. Supports for the week would be at 17466, 17,322 and 17,199.
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