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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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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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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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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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The last 5 weeks have been very tough for equity investors due to the extreme volatility in the Global as well

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As long as the Nifty does not break the weekly support, the upside targets for this week are 7922 and the 7983-8000 points range. However, a breach of the weekly support in close could put a spanner in this recovery taking the Nifty down to 7767 or in a pessimistic scenario 7672 points.

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