We always say ‘all’s well that ends well and this week’s price action is the perfect example of it. In the first four sessions, bulls and bears had an equal share but Friday became the real decider.

The real catalyst behind this optimism was the cooling off in the global bourses as well as various asset classes. Since our markets had the inherent strength, this development provided the impetus for the move towards 15,200.

Now, the way things are placed, retesting the record high of 15,431.75 looks eminent. Before this, 15,220 – 15,340 are the levels to watch out for.

On the flip side, it is important to note that the immediate base has shifted higher towards 15,000 – 14,900, which is an encouraging sign.

Looking at the broad-based participation on Friday, especially from the banking space, we will not be surprised if market heads towards a record high in the first half of the forthcoming week.

In fact, if all the other factors support, we may see new highs also in the coming sessions. However, having said that we should not become too complacent and keep a close track of how global markets behave over the next few days.

Any aberration on this aspect may again dent the possibility of a short-term rally. It is better to take one step at a time and continue with a stock-specific approach by following proper risk management.