|Market This Week
||Last week the NIFTY closed at 7713 which was almost the same as previous week. It did not break our support levels of 7400-7500 which was a positive indicator. This week would be guided mainly by the RBI monetary policy meet where the markets are expecting a rate cut. A 50 basis point cut is likely to improve the overall sentiments of the market. The markets would have a bullish tone which would create fresh buying opportunities. Also the fourth quarter earnings season would be following soon. There has been a prediction of a good monsoon and also the FII inflows have been good so far. Overall, things look good. Looking at the charts, it seems that NIFTY might consolidate for some more time or even correct a bit before its next rally. There would come a strong resistance at 7900-8000 with 7400-7500 acting as a good support. We must be a little cautious while the NIFTY still consolidates. We would continue to witness stock specific movements. All the best!