|Market This Week
||Last week the RBI gave a pleasant surprise by announcing rate cuts which gave the much needed boost to the markets. The NIFTY showed a massive rally taking off the immediate resistance of 8400. Good DII participation was seen. The FII’s also seemed to be back with a lot of fresh buying. A lot of long positions seem to have been created in both NIFTY and bank NIFTY which shows the positive sentiments and hints further upward movement from here. On an immediate basis 8400 will act as a support. Overall the NIFTY enjoys a very strong support at 8000 levels and till the time we don’t see a close below this level, there is no reason to panic. 8600 will act as a strong resistance. Any break out above this level will trigger the next rally. It is difficult to predict the short term direction of NIFTY from where we are but overall the Indian story is promising where reforms will continue to drive the markets. The only worry could be the volatility in the global markets which could directly affect the NIFTY. This week we expect the NIFTY to be range bound and display an overall positive bias. All the best!