|Market This Week
||Last week the NIFTY closed at 7210.75 registering a gain of 3.3% over previous week. This should primarily be seen as a short-covering rally. The NIFTY could face strong resistance at 7250-7300 levels in the short term. While the current market sentiments are pessimistic, the long-term outlook continues to be positive. Valuations have started becoming reasonable with limited downside seen in the markets. Currently the markets have their eyes glued on the union budget. Investors are looking forward to decisions from the government on fiscal deficit, GST and its overall budget plans to revive the economy. The budget is likely to provide the required energy to our markets. This week the markets will look forward to the railway budget and also the February derivative expiry. These events will make the week volatile. We all must observe caution. The NIFTY is likely to take a good support at 6900 levels. All the best!