The Indian markets in the last week swung in between gains and losses. But strong buying by foreign institutional investors and positive cues on the global front made the markets hit its all time high on Friday. Nifty closed at 7583 up around 4.9 per cent on weekly basis. The outlook of the market is positive and it is having a short-term target of 7700. Immediate minor support for the Nifty is at 7500 and 7402.

Rise and fall
In the last week, the services data came out which returned to growth after a contraction of 11 straight months on the back of increase in orders. The HSBC services Purchasing Manager’s PMI data for May stood at 50.2 points against 48.5 in the previous month. The reading above 50 points shows an expansion whereas the level below shows a contraction. The composite output index rose to 50.7 points in May from 49.5 in the previous month, an expansion for first time in three months.