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Indian equities registered strong gains last week. The S&P BSE Sensex reclaimed the psychologically important 28,000 level after settling below that level in the preceding week. The Sensex jumped 749.86 points or 2.69% to settle at 28,532.11. The Nifty 50 index rose 237.10 points or 2.76% to settle at 8,809.65. The BSE Mid-Cap index rose 1.77%. The BSE Small-Cap index advanced 1.25%. The Sensex and the Nifty are up more than 26% since the February lows even as worries regarding earnings slowdown, lack of investment demand and regulatory logjam persist. Both the indices have managed to cross over significant medium-term hurdles, setting the stage for a new high soon.

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Nifty close 8220 points: The Nifty opened the week flat but moved up to complete the 0.618 per cent retracement (8243 points) of the entire decline from 9119-6825 points before closing marginally below it. In the process it has made a small body candle implying an ebbing of the upside momentum seen in the week before. Time cycle wise we have completed the 13th week (a Fibonacci number) including the bottom of 6825 points and excluding it we are currently into the 13th week which could see a probable pause or small correction from the resistance area between 8243-8335 points. We have also completed the 8th day (also a Fibonacci number) of the rise from the recent low of 7715 points.

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Govt approves Capital Goods Policy, aims 21-mn jobs Govt determined to push through GST Bill in next session: FM Debt of 270 companies declined by Rs 47,813 cr: SBI  EPFO doubles insurance for subscribers to Rs 6 lakh Sebi to act tough against rating agencies for lapses Govt approves MoU between ISRO and the UAE Space Agency

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Nifty close 7510 points: The Nifty made a high on 9th March like we had envisaged last week but there was a lack of follow up selling as the Bears failed to break decisively the support around 7440 points. We saw see saw trading this week on alternate bouts of buying and selling but the Bulls managed to close the week with a meagre gain of 25 points over the previous week.

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