|Market This Week
||Last week the NIFTY closed at 7900 registering a nominal gain of 0.62% over previous week. The next couple of weeks will help us confirm if the breakout we saw last week was indeed a valid one. For now, on the NIFTY weekly chart, we see a spinning top formation. In short, this formation indicates indecisiveness. We now need to see this week if NIFTY can break the resistance of 8000 or whether it breaks the support of 7700. There is a good chance that, due to short term profit booking, NIFTY might retest 7700 before it starts its next rally. Let’s wait and watch this week. All low risk taking investors should be on the side-lines while the NIFTY consolidates between 7500-8000. All the best!