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Nifty close 8866 points: The Nifty opened with an upside gap and continued its rise hitting a high of 8968 points on 7th Sept 2016, where we saw some profit taking coming in after a gap up open on the daily charts. This resulted in further Bull unwinding on the last trading day of the week, which resulted in the Nifty wiping out almost all the gains of the week. It finally closed a meager 57 points higher (thanks to the R group stocks) than last week but it has made a “shooting star” pattern, which is an ominous sign especially if the Nifty closes decisively below 8696 points this week.

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Nifty close 8809 points: The Nifty opened flat but did not break the crucial support area of 8517-8543 points which it was holding above for the last 5 weeks. When it crossed last week’s high of 8684 points the Bears started scurrying by covering their shorts. This coupled with speculative buying as the Nifty broke above the recent top of 8728 points saw the Nifty hitting a new 52 week high of 8824 points. This has once again shifted the onus on the Bears to push down prices as the Bulls are sitting pretty.

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Indian equities registered strong gains last week. The S&P BSE Sensex reclaimed the psychologically important 28,000 level after settling below that level in the preceding week. The Sensex jumped 749.86 points or 2.69% to settle at 28,532.11. The Nifty 50 index rose 237.10 points or 2.76% to settle at 8,809.65. The BSE Mid-Cap index rose 1.77%. The BSE Small-Cap index advanced 1.25%. The Sensex and the Nifty are up more than 26% since the February lows even as worries regarding earnings slowdown, lack of investment demand and regulatory logjam persist. Both the indices have managed to cross over significant medium-term hurdles, setting the stage for a new high soon.

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

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Investing is an inherently social exercise. As a result, prices can go from being a source of information to a source of influence.

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The market declined last week, reflecting the cautious mood in global equities, ahead of the eagerly awaited commentary from US Federal Reserve on how aggressively it plans to raise rates. However, the Federal Reserve Chair Janet Yellen did not give any firm indications of raising interest rates in the immediate future. But she said that improvements in the labor market and expectations for solid economic growth had strengthened the case for a rate hike that would be undertaken gradually. But

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Nifty close 8572 points:The Nifty opened flat but ended below the first trading support of 8600 points after yet another week of dull sideways trading. This indicates that the Bears have put a foot in the door which would have been slammed upon them if the 8728 points level was crossed decisively. However, the more important support is 8517 points which has to be broken from a short term trend perspective. Till then we would continue to see a broad range of 8500-8700 points continuing.

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Nifty close 8666 points: The Nifty opened the week flat and ended almost near the same levels forming almost a “doji” after 2 consecutive “hanging men” in the weekly charts. We saw the lowest volatility of only 96 points last week. In fact since 29th July 2016 the market has been unable to make any headway despite the overall trend being up, which along with the above candlestick patterns raises some doubts about the sustainability of the current rise. However, one has to wait for confirmation that it’s over and that requires more evidence. The 8716-8845 points range is the stiff resistance area to watch out for at higher levels. We have seen the volatility getting compressed (forming an inside bar pattern) to a level which is unsustainable and a small burst on either side is likely this week or at best in the following week. From a traders perspective 8600 and 8696 are immediate support and resistance levels to watch out for. However, from a directional perspective 8517 is the absolute Stop Loss on longs that the Bulls should keep in close. The safest strategy would be to book profits in rallies to the above mentioned range as the risk/reward ratio is becoming skewed and wait patiently for the Nifty to play its hand.

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