|Market This Week
||Last week NIFTY registered a loss of 2% over the last week. It closed in RED consecutively for 3 days coming very close to the immediate support of 8600. We were trading in a narrow channel of 8600-8800 for quite some time and now the charts suggest that there are good chances that the NIFTY might slide further and take away the immediate support of 8600. There would come a massive panic selling correction if NIFTY takes away the all-important support of 8400. On the higher side the immediate resistance for this week would be 8800 and a long term new rally would start if NIFTY breaches 9000. Now it’s been a long time we are trading in the zone of 8400-9000 with NIFTY fluctuating few points up and down with no clear short term direction. We need a clear direction to move forward from here. This week we would advise everyone to stay away from the markets and see if the quarterly results give any shape to NIFTY. Also the markets would look forward to the parliament session for the all-important land bill and GST. Though our longer term bull run is still intact, we will approach the markets one week at a time. This week is likely to be bearish and hence stay disciplined on all existing positions following exit strategy if possible. All the best!