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Nifty close 8672 points: The Nifty opened the week slightly better but then sold off to test the crucial weekly support of 8545 (in close) before recovering all the way back up on the last day of the week, closing with a marginal loss of 11 points (-0.13%). Thus the Bulls were also able to defend the recent low of 8517 points as the Nifty rebounded from a low of 8540 points. Therefore the 8517-8540 points range is now a crucial support going ahead from a short term trend perspective. It was yet another week of see-saw trade in which the Nifty recovered off from the lows to close very near the open of the week forming yet another “hanging man” pattern in succession. This implies that support is coming in at lower levels but if a big bearish candle comes in this week then the current uptrend might be under threat. However one has to wait for confirmation instead of jumping the gun but profit booking should be the norm at higher levels. The 8757-8845 points range is the stiff resistance are to watch out for at higher levels. The battle for control has intensified as shown by the 2 consecutive “hanging man” patterns. However unless and until we get a big bearish candle and break the support area mentioned above the advantage remains with the Bulls even though they have been unable to make any headway for the last 3 weeks. From a safety angle one should keep on booking profits in rallies.

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Nifty close 8683 points: The Nifty opened the week slightly better but then sold off to test the crucial weekly support of 8545 (in close) before recovering all the way back up on the last day of the week, closing with a nominal gain of 45 points (+0.52%). Thus the Bulls were also able to defend the week before last’s low of 8517 points as the Nifty rebounded from a low o 8518 points. Thus this level is now a crucial support in close going ahead from here on from a short term trend perspective. The GST Bill will be tabled this week in parliament which will go through and the RBI policy is slated for Tuesday in which no rate is expected and will also be the last for the most pro active governor Mr. Raghuram Rajan. In short, the Bulls successfully warded off the Bear threat last week even though no major gains were made during the week. Looking at the see-saw movement last week we expect the fight for control intensify in the coming week. As long as the weekly support of 8637 points remains intact the Bulls are in control with upside targets of 8757 and 8831, this week. A breach of the weekly support could see the Nifty slip to 8564 or on the lower side 8444 points, this week. One should be very careful in stock selection from a trading perspective from now on and keep a strict stop loss on positions as the 8650-8845 range will see the tug of war intensify in the weeks ahead.

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Nifty close 8638 points: The Nifty opened the week slightly lower but gained gradually to close with a gain of 97 points (1.14%) over the week. With this it is now testing the top of 24/07/2015 of 8654 points as the overall bias continues to be up despite the overbought nature of the market in the short term. The nearest Stop Loss should now be shifted up to 8545 points by traders and the 8476-8517 points range by the positional ones.

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Nifty close 8541 points:The Nifty opened the week with an upside gap and moved higher on sustained buying by the Bulls. Volumes were also higher as compared to the previous week as the Nifty closed with a gain of 2.62%, thus almost hitting the upper target area of 8620-8655 points mentioned last week. This range will now act as immediate resistance in the near term.

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Nifty close 8467 points: After a small a dull trading week in which the Nifty ended a meagre 5 points lower the Nifty opened this week with a bang and rose further on the backdrop of the sharp rise seen in the International markets. The gap area between 8398-8407 points should now be used as an absolute Stop Loss by short term traders on long positions.

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Nifty close 8328 points: The Nifty rose continuously through the week to close with a handsome gain of 2.96%.

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Br-exited. Now what? Ending several months of intense speculation, the United Kingdom finally voted in favour of exiting the European Union. As an investor - now what? Short Term Impact In the short term - expect volatility in the financial markets! The Euro & Pound are sure to face the heat. More than anything, the event opens up a can of worms in terms of other potential exits from the EU - each one with unique ramifications of its own. The future of the Eurozone just became exponentially complex. From an investment perspective, a long term focus becomes critical in such a situation. Remember that the actual "Brexit" process will take anywhere between 2 and 3 years. A lot of parallel global and local events will take place in that time, impacting the domestic markets. The process of exiting the EU is complex. The number of agreements that need to be redone or initiated has been massively underestimated. So for the short term, it's really business as usual.

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Nifty close 8088 points: The Nifty saw huge volatility last week as the Nifty tested the recent top of 8294 points before the Brexit vote and then sold off sharply after it to hit a low of 7927 points before recovering in the end. It finally closed the week 82 points in the red. We had warned that volatility would expand as it had been contracting for the past few weeks.

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