|Market This Week
||Last week the NIFTY closed at 7563.55 registering a gain of 1.90% over previous week. It was a good last week where NIFTY rallied and moved closer to our support level of 7600. This has formed a U-turn on the NIFTY daily chart making it bullish in the very short term. However, the rallies we saw were still weak and could fade out easily considering the volatile global scenario and also weak corporate earnings. For the markets to come out of the current consolidation, we would need a bottomed out crude, stability in China, reforms from government and positive pre-budget announcements. Till then we are likely to see a consolidating NIFTY showing stock specific movements. As mentioned in our early market view as well, our eyes are glued to such value picks, so let’s wait for such opportunities and not be desperate buyers. Factoring all the global turmoil, we are still in a good shape and the overall market situation is still bullish. We just need to be a little cautious while the correction bottoms out. The short term range for NIFTY would be 7400-7700. Any close below 7600 should trigger dormancy from our end. Stay disciplined on all existing positions. All the best!