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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 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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The Nifty began the week with a weakness and what triggered the weakness in the indices were the unsatisfactory quarterly results by some of the heavyweights. The Pharma companies were under severe pressure on the concerns of their global business. Lupin reported a disappointing set of numbers. On the other hand FMCG saw margins clutched as they had to pass on the input cost benefits to the end consumers. The Banking stock did attract some buyers in the last couple of trading session on the back of improvement on the NPA front. At end it was a purely flop show by the benchmark indices as they witness back to back selling.

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