||Last week the NIFTY closed at 8866 registering a gain of 0.65% over previous week. Though we see a gain at the week’s closing, the weekly candle is suggesting weakness in the NIFTY. That is the sole reason why we also saw heavy profit booking on Friday. This week the NIFTY is likely to open on a cautious and maybe on a weak note due to weak global cues which also includes an expected FED rate hike coming soon. It could prove to be a good enough reason for NIFTY to get into its correction mode which is expected after the massive rally that we have seen. The correction is likely to be a shallow one as our markets are well poised and buy on dips for now. Corrections and consolidation are always good for the markets as they help markets gather strength and scale further heights. 8700 is going to be our good support point. Till the time we trade above this level, we have nothing really to worry. Let’s be a little cautious this week and see how things shape up. All the best!