||Last week the NIFTY closed at 8262.75 registering a gain of 2.16% over previous week. This movement was hinted to us with the inverted hammer pattern we saw last week. The NIFTY was back to the 8200 levels but the rally was mainly on account of the rally in the global markets. We all know that the demonetisation will have short term impact and our macro conditions are good enough to fuel our next rally. It’s been more than a month and the demonetisation may have been factored in by the markets. However, we will still have to wait and watch for a while to make sure that the markets have bottomed out. Anything below 8000 on the NIFTY should raise an alarm for us. The higher band for NIFTY would be 8400. We would see consolidation happening between this channels till the time sentiments improve. The markets were expecting a rate cut from the RBI but that has not happened. So the sentiments are still average. Let’s have a disciplined and cautious approach for the week. Movement will be seen in individual stocks where the valuations are cheap. All the best!