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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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