|Market This Week
||Last week the NIFTY could not sustain the breakout that was seen on the charts. There was a lot of volatility which was shared equally by both the bulls and the bears. However, the important point to note was, every time the NIFTY tested the support levels of 8000, it bounced back strongly which means that the bulls are still well in control. On the charts, NIFTY has moved into a consolidation zone of 8000-8400. The immediate support and resistance for NIFTY in this zone is 8100 and 8400 respectively. Stocks would show slow movement while the NIFTY remains in this zone. The NIFTY will have to break above 8600 with good volumes for its next rally. We expect the NIFTY to begin its next rally only after the reforms made by the government come into effect. Till then the markets are likely to move sideways for the next few weeks. The silver lining in this period could be a pre-budget rally. Investors are advised to be patient and disciplined with all their existing positions. All the best!