|Market This Week
||Last week the NIFTY closed at 7422.45 registering a loss of 0.2% over previous week. As we already know this is being primarily attributed to falling crude prices and turmoil in China. We could say that NIFTY is currently in a downtrend and as long as it is below 7600 we should all stay away from the markets. We are still not sure if we have bottomed out and if crude keeps falling and the global scenarios deteriorate further, NIFTY could test 7200. This phase however should not be looked at as a start of a bearish rally because our macro-economic situation is certainly better, improved and looks very positive. Instead this phase should be looked at as an opportunity to get into value picks since a NIFTY trend reversal can be expected anytime. The only concern is that we should see value picks in a technically correct shape. Our eyes are glued to such value picks so let’s wait and watch for such opportunities and not get desperate to buy randomly. This week the NIFTY is again likely to be volatile as we are amidst the earning seasons which could keep the overall markets and sentiments choppy. The GST and the union budget will be the next big trigger for our markets. Let’s wait and watch for now. Stay disciplined on all existing positions. All the best!