After a big bang start during the early part of the week ended, markets drifted towards the later part on alternate bouts of buying and selling.
However, benchmark indices, the Sensex and the Nifty, advanced for the second successive week and closed nearly 3 per cent higher.
Market breadth improved significantly reflecting the change in sentiment. Renewed buying from FIIs and strengthening of rupee have kept the markets bubbly. Better than expected trade deficit data and IIP numbers are indicators that worst may be over for present say analysts tracking macro-economic scene.
PMEAC announcement that economy is expected to grow 5.3 per cent, sharply lower than previous estimate of 6.4 per cent was a clear dampener. Expectations are high that the new RBI governor Raghuram Rajan will  rollback the liquidity tightening measures announced in July. No changes are expected in interest rates.
With the threat of US-led military strikes against Syria receding for present, any impromptu flare up in Middle East may trigger trouble for global markets.
Focus of marketmen in the coming week will be on US Fed decision on quantitative easing program, RBI policy meeting and WPI data. For the week ahead chartists predict trading range of 19,350-20,300 for the Sensex and 5,725-6,000 for the Nifty. Immediate supports are at 19,600 and 19,350 and 5,800 and 5,725.Futures and optionsAmidst choppy trading and large intraday moves in indices, derivative segment witnessed robust volumes during the week ended.
Open interest in Nifty has increased by 4.67 per cent. In the option segment, buying was seen in Nifty 6,000 strike call and put writing was seen in Nifty 5,800 and Nifty 5,600 strikes.n Realty and Capital goods counters are back in the shopping list of punters. Better than expected IIP data gave fillip to capital goods and power stocks.
Strong stock-specific moves are likely in these sectors. Strength-ening of rupee triggered mild profit booking in IT stocks. Use declines to buy HCL Tech and TechMahindra. Renewed buying was seen in PSU banking stocks.
Excessive bearishness is not warranted from here onwards say observers. Further gains are likely in PNB, Canara Bank, BOI, Syndicate Bank and Allahabad Bank.n Correction in metal stocks will be opportunity to buy say industry watchers tracking global data. Government is likely to respond to Vedanta group offer for buyout of residual stake in Hindustan Zinc.Stock scanBalaji Amines Limited engages in the manufacture, sale and export of methylamines, ethylamines, derivatives of specialty chemicals and natural products.User industrial segments include active pharmaceutical ingredients, agrochemicals and pesticide formulations,  refin-eries, water treatment chemicals, photographic chemicals, dyes, paints, rubber chemicals and leather processing chemicals.
Good Q1 numbers reflect the benefits of recently completed expansion program. Buy on declines for target price of Rs 60.IL&FS Engineering and Construction Company Ltd operates as an infrastructure development, construction, and project management company in India and internationally.
The company develops and constructs roads, expressways, industrial structures and construction projects. Post debt restructuring programme, the company has reported turnaround performance in Q1. Buy on declines for price target of Rs 50 in medium term.