Market View: 5-9 SEP 2016

Filed in Market Update by on September 6, 2016
Week 5-9 Sep 2016
View Last week the NIFTY closed at 8809.65 registering a gain of 2.7% over previous week. We have got a break out above the consolidation channel of 8500-8700. This actually comes as a shock where a correction was being expected. Now till the time NIFTY remains above 8700 we have a strong bullish trend with 8700 now becoming our support. There seem to be no negative triggers for now; we’ve had a good monsoon and good quarter numbers, global liquidity is good, overall sentiments are positive and so the immediate target for NIFTY could be 9000 and a long term target if the bullish trend continues would be 9200. The only worry is that inflation should not come back to haunt else the bulls will not be able to sustain. The bulls will also have to work hard from here on. Overall it’s a good time to be a part of the markets. Strong stock specific movement will be seen. The possibility of a correction cannot be taken away. We need to be on our toes. All the best!

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