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Amid global woes, India a bright spot for automaker Volkswagen Govt decides to electrify 5.98 crore un-electrified households by 2018 PM Modi sets infrastructure targets for ministries Govt to replace pen and paper with tablets for data collection 100 SP MLAs may be denied tickets in 2017 polls Subros resumes full supply to Maruti Government exhorts Hyundai to set up its 3rd plant in India Odisha electronics park likely to attract Rs 1,000 crore investment Mother Dairy eyes revenue jump with e-tailers tie-up Siemens-Gamesa wind energy merger to help Siemens get stronghold in Indian wind market Will not cut goverment stake in power PSUs below 51%: Piyush Goyal

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Nifty close 8170 points:The Nifty opened the week lower and fell below the 8106 mark intraday and week but recovered to close above it. Trading was range bound as the Bulls and Bears were able to defend the support and resistance levels respectively as the Nifty closed unchanged over the previous week.

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In a sudden and unexpected move the RBI Governor himself removed himself from the race for an extension to his tenure. It is clear from his letter to employees that he was keen to do more but the situation demanded that he leaves. This just goes to prove how it’s tough for Non Bureaucrats and Non Political people to survive in roles, even though constitutional based on pure merit. That said a chapter is over and the next one will start. Key for us is to analyse what lies ahead.

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CEA panel may favour recast of FTAs to boost exports SEBI mulls artificial barriers to algorithmic trading to ensure level playing field CIL offers 2.8 million tonnes of coal via e-auction Tackling bad loans: Banks can now take equity in debt-laden companies ITC to source quality ingredients adhering to EU standards Microsoft eyes debt to finance LinkedIn buy | Latin America pips Africa to be India’s largest auto export market NTPC sells surplus power on India Energy Exchange; NHPC, NLC to follow ONGC manages to halve exploration cost write-offs Welspun Renewable Energy acquisition can hit Tata Power's metrics: Moody's Godrej to invest Rs 200 crore for production ramp up

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Nifty close 8170 points:The Nifty opened the week flat and moved higher to 8294 points but could not sustain at these levels as we had anticipated in the last week’s article. As expected the RBI maintained status quo but profit taking pared the small gains and the Nifty slumped below the 8200 mark to close 50 points (-0.62%) lower from last week.

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European markets positive US mild positive nifty exhibiting strength. Post RBI policy markets did not react as there were no expectations.  It just rallied up both domestic and foreign participants were net buyers.

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Nifty close 8220 points: The Nifty opened the week flat but moved up to complete the 0.618 per cent retracement (8243 points) of the entire decline from 9119-6825 points before closing marginally below it. In the process it has made a small body candle implying an ebbing of the upside momentum seen in the week before. Time cycle wise we have completed the 13th week (a Fibonacci number) including the bottom of 6825 points and excluding it we are currently into the 13th week which could see a probable pause or small correction from the resistance area between 8243-8335 points. We have also completed the 8th day (also a Fibonacci number) of the rise from the recent low of 7715 points.

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Western market flattish with positive incline. Nifty consolidating in 100 point range after a stellar move. Earnings Ex PSU banks and OMC have small surprise on positive side. Real GDP also showing green shoots.

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