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Key benchmark indices dropped last week weighed by weak global cues and geopolitical concerns. The barometer index, the S&P BSE Sensex, dropped below the psychologically important 28,000 level during the week. The Indian Army conducted surgical strikes on terror launch pads on 28 September 2016 night across the Line of Control (LoC) in Pakistan, killing several terrorists and causing significant casualties to their hideouts. The operations were focused to ensure that these terrorists do not succeed in endangering lives of citizens in India.Last week, the Sensex fell 802.26 points or 2.79% to settle at 27,865.96. The Nifty fell 220.40 points or 2.49% to settle at 8,611.15. The BSE Mid-Cap index lost 165.29 points or 1.23% to settle at 13,166.68. The BSE Small-Cap index fell 178.10 points or 1.37% to settle at 12,780.80.

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Nifty close 8831 points:The Nifty opened flat but sold off after a dull sideways move for a couple of days. The news of surgical strikes on terrorists launch in pok proved to be trigger for the sharp selloff. Those who exited long as we have been warning for the past few weeks were saved the jitters.

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India got Independence under the leadership of Mahatma Gandhi. We payed our tribute to his thoughts and sacrifices yesterday on 2nd October. However, in the back of mind, this question keeps pinching and poking - Are you free in real sense?

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Nifty close 8831 points: The Nifty opened flat but rallied to a high of 8893 points on Thursday (as the FED left rates unchanged) before selling off on the last day of the week. This resulted in the Nifty gaining a meagre 52 points (0.59%) last week primarily because of some heavyweights like HDFC Bank, HDFC Ltd, Reliance etc. The Reliance group stocks were in the limelight. The weekly trendline support (connecting the lows of 6825-7927 points) has moved up to roughly 8800 points, for this week. This should be an absolute Stop Loss on longs from at least a short term trading perspective. A breach in weekly close of this level could see the Nifty slide to the next crucial support of 8688 points which also if broken could see it test the 8517-8543 points range.

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Nifty close 8779 points: The Nifty opened with a downside gap and hit our crucial support level of 8696 points on Tuesday before staring a contra trend rise to the sharp decline 8968-8688 points. We saw a sharp gap up open on Friday where in the Nifty hit the 50-61.8% retracement area of the above mentioned decline but saw a sharp intra-day sell off as we had anticipated in the last week’s report. Finally the Nifty ended the week down (-0.98%). Now 23rd Sept is another crucial day where we expect another sell off which could test the recent low. If this low is taken out decisively in this anticipated fall then the short term uptrend of the Nifty might be under serious threat.

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Indices fell last week after posting gains for two consecutive weeks. Last week, the Sensex fell 198.22 points or 0.69% to settle at 28,599.03. The Nifty 50 index fell 86.85 points or 0.98% to settle at 8,779.85. The BSE Mid-Cap index lost 294.81 points or 2.21% to settle at 13,051.51. The BSE Small-Cap index fell 96.52 points or 0.75% to settle at 12,764.87. Mixed signals emerged on the domestic front. Retail inflation moved lower, raising hopes of a possible rate cut next month. But sentiment remained downbeat as industrial output contracted, painting a dismal picture of the economy.Data released last Monday showed that the August consumer price index (CPI) slumped sharply to 5.05% from 6.07% in July, triggered by a sharp fall in food prices. The July index of industrial production (IIP) contracted by 2.4 per cent, compared with 1.95 per cent (revised) in June.

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Updated result calendar for Q1FY17 Quarter & forth coming conference calls/ analyst meets.

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Global markets witnessed sharp volatility during the week gone by. Stock markets in Brazil (down 2.8%) and US (down 2.2%), were the leading losers. While, Hongkong and Singapore stock indices were among the leading gainers, registering weekly gains of 3.6% and 2.5% respectively. The outcome of a monthly survey showing that August saw a solid rebound in the rate of expansion in Indian service sector business activity also aided sentiment. The Sensex settled below the psychologically important 29,000 mark after early surge helped regain that mark during the week. Indices cut gains on profit taking as the week progressed. The S&P BSE Sensex, rose 265.14 points or 0.92% to settle at 28,797.25. The Nifty gained 57.05 points or 0.64% to settle at 8,866.70. The BSE Mid-Cap index rose 0.86%, and the BSE Small-Cap index gained 1.71%

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