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Nifty close 8672 points: The Nifty opened the week slightly better but then sold off to test the crucial weekly support of 8545 (in close) before recovering all the way back up on the last day of the week, closing with a marginal loss of 11 points (-0.13%). Thus the Bulls were also able to defend the recent low of 8517 points as the Nifty rebounded from a low of 8540 points. Therefore the 8517-8540 points range is now a crucial support going ahead from a short term trend perspective. It was yet another week of see-saw trade in which the Nifty recovered off from the lows to close very near the open of the week forming yet another “hanging man” pattern in succession. This implies that support is coming in at lower levels but if a big bearish candle comes in this week then the current uptrend might be under threat. However one has to wait for confirmation instead of jumping the gun but profit booking should be the norm at higher levels. The 8757-8845 points range is the stiff resistance are to watch out for at higher levels. The battle for control has intensified as shown by the 2 consecutive “hanging man” patterns. However unless and until we get a big bearish candle and break the support area mentioned above the advantage remains with the Bulls even though they have been unable to make any headway for the last 3 weeks. From a safety angle one should keep on booking profits in rallies.

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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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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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Nifty close 8156 points: The Nifty opened the week firm but sold off immediately on the very first day of the week. However, it did not break the crucial 7700 points mark and a sharp midweek rally saw the Nifty close above the weekly resistance of 7815 points which resulted in the shorts scurrying for cover.

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Nifty close 7510 points: The Nifty made a high on 9th March like we had envisaged last week but there was a lack of follow up selling as the Bears failed to break decisively the support around 7440 points. We saw see saw trading this week on alternate bouts of buying and selling but the Bulls managed to close the week with a meagre gain of 25 points over the previous week.

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