|Market This Week
||Last week the NIFTY closed at 7982 registering a gain of 2.47% over previous week. It is back in our consolidation channel of 7900-8650 which is a good sign and definitely a breather. The Fed once again postponed raising the interest rates. Had we seen a 25bps hike we would have seen a far better rally locally and even in the global markets. It now looks like we could see an increase in the rates only in 2016. The focus will now shift back on China and our domestic interest rates. We actually expected our markets to fall but surprisingly they have taken a U-turn instead. An old saying that “The markets are always right, you may just be wrong” has been proven right. There is a room for rate cut by the RBI and if that happens then we would see the markets stabilizing by November-December. Amidst all the background noise that is happening globally, we need to stay focused on our domestic fundamentals. The reforms have been on track but the progress is slow which is a worry. They need to speed up to push the markets. FII’s are positive on Indian and our doing the necessary homework to invest. Our domestic consumption has been good. A weak china and falling oil prices are positives for us. Hence, any further sell-off is not likely to happen. We are in a good shape from a long term perspective. We expect a neutral coming week with a positive bias. The NIFTY could move up slightly in the consolidation channel. Let’s have a stock specific approach for this week. All the best!