NIfty Outlook for the week

Having tested the key resistance of 5200 the index managed to close marginally above 5200.Market could see lack lustre movement for the week with upside capped at current levels.On Friday the index managed to test the 200 dma of 5218 and traded side ways for the rest of the day.Immediate support would be at 5100 and 5050 levels.With the index itself having rallied around 700 points the market would book profits for the week.With the earnings season coming to a close this week and lack of triggers in the domestic front, markets would consolidate for some time to come.Crucial support for the nifty would be around 4900-4950 any sell off below these levels could see a sharp rally on the downside.For traders strategy needs to move from index to stock specific trades.While it is advisable to buy puts at current levels one needs to have a watch on the time value as we are in a consolidation phase.The February series could spring a surprise with a tight range of 5050-5200.On the global side news flow from Iran and Europe could dictate the trend.