The level of 12,300-12,330 would be a big hurdle for the bulls to climb; however, in case it crosses this hurdle, we can expect fireworks in the index. Meanwhile, the level of 12,100 is a key support. Stocks in news: Tata Steel, Yes Bank, HCC, Cholamandalam Investment and Finance, Lupin.

The early trend on SGX Nifty indicates that the optimism on the D-street will continue to be the order of the day. At this moment, it is up by 41 points and signaling an opening around 12,332 levels. Further, if we look, the markets have entered into a data -heavy week, as heavyweights, such as HDFC Bank, IndusInd Bank, and Wipro are scheduled to announce their results during the week.

The week started with a strong sell-off after US-Iraq war issues. Sensex and Nifty fell by nearly 800 and 230 points, intraday. The sentiment was further hampered after GDP forecast for FY20 was lowered to 5 per cent from earlier estimates of 6.1 per cent growth rate.

The stock of Sun Pharma Advanced Research Company Limited has given a downward sloping trendline breakout on the weekly timeframe. This breakout is confirmed by the above 50-week average volumes.

The Bank Benchmark index, Bank Nifty, traded in a range of 1,447.70 points during the week. The index has ended the week with a minor gain of 28.15 points or 0.08 per cent and formed a small body big lower shadow candle.

The stock of Muthoot Finance Limited has formed a Bearish Engulfing candlestick pattern on the weekly timeframe. This pattern is considered to be a bearish reversal pattern and usually occurs at the top of an uptrend.

The weak economy saw FIIs taking away large sums to more safer bets, such as gold and bonds. FIIs have been net sellers for most of the FY19 and FY20 (till third quarter), although the trend seem to have changed during the third quarter of FY20.

The market opened in the green on 10th January. Previous day witnessed the Sensex going up by 634.61 points or 1.55 percent to end at 41,452.35  and the Nifty was up by 190.55 points or 1.58 percent to close at 12,215.90.