After hitting the six-month high level last week,stock markets are likely to see a downward trend this week with investors booking profits,analysts said. "Stock market has seen one of the biggest run-ups recently. Strong FII inflows have helped the rise. Retail investor interest has also been observed for the last two weeks. Regular profit-booking is advised here," Milan Bavishi,Research Head,Inventure Growth and Securities said. Extending the gaining streak for the seventh week in a row,the the BSE benchmark Sensex gained nearly 541 points to end the week at over six-month high of 18,289.35 on hopes of cut in key policy rates by the RBI after a fall in overall inflation. Foreign Institutional Investors (FIIs) bought shares worth Rs 4,518.09 crore,including provisional data of February 17,as against Rs 4,040.80 crore last week. Brokers also said this will be a shortened week for derivative expiry and there could be profit-booking. Markets will remain closed on Monday on account of Mahashivratri. CNI Research CMD Kishore Ostwal said that "the market is at a huge risk of correction though settlement considerations will keep fire alive till Thursday". Analysts also said the technical indicators show the benchmark index could be ripe for a correction as it is deep in overbought territory. "Indian indices will see volatile trading sessions in view of the futures & options expiry this week. Although everybody is waiting for a correction in the market,we cannot time when a pullback will come," Ashika Stock Brokers Research Head Paras Bothra said. Globally,European stock markets closed higher on Friday as sentiments got a boost on hopes that Greece is nearing a bailout deal as the European Central Bank (ECB) and European officials were moving closer to an agreement to end the country's funding gap. A strong US economic data also propelled the rise.
