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Nifty close 7713 points: The Nifty had opened the week higher and hit a high of 7777 points before correcting as was envisaged last week. The Nifty did close the gap between 7604-7617 points but held above the crucial support of 7562 points as it made a low of 7582 points and recovered. Even though the trend is firmly up the Nifty is failing to make much headway above the 7700 points mark.

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The Union Budget- The Budget is under the limelight this time mainly due to two factors. Firstly the need to drive the economy towards a sustainably higher growth path and secondly maintain Fiscal discipline which is important to maintain macroeconomic stability.

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Remember, the fall in global markets has been due to fears of an imminent crisis. These are ONLY FEARS and not backed by reality. China has not collapsed. It is a slowing economy and will remain a slowing economy for years. US is a recovering economy and will keep on growing at 2-2.5% for years now. Eurozone is recovering from almost zero growth and will grow at 1-2% for years to come. This is the reality which is known and as such is factored in. I have written about China in detail in my piece last week so will not repeat it.

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It opened higher on the slightly better than expected GDP fig of 7.4 per cent. Intra day support is pegged at 7949 and 7921 points.

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