||Last week the NIFTY closed at 8139.45 registering a loss of 1.48% over previous week. Nothing much has changed since last week and our view remains the same this week as well. We are still consolidating between 8000-8400. It is good that our support levels of 8000 are being respected. Seems like the markets have already factored in the demonetisation impact including two quarters of bad earnings. The demonetisation impact will cool down by FEB 2017 and things should be back on track post the union budget. The union budget is likely to be focussed on getting the economy back on track after the demonetisation impact. This will make sure that our levels of 8000 on the NIFTY will be respected and the downside will always be limited. The markets will start seeing fresh buying once it starts hitting positive triggers early next year. Till then the NIFTY is likely to consolidate with stock specific movements. Let’s keep a low profile and adopt the wait and watch philosophy for now. All the best!