||Last week the NIFTY closed at 8114 registering a gain of 0.5% over previous week. A small rally after a steep fall was expected. 8000 will now be a good short term support for NIFTY. The demonetisation drive has certainly impacted our short term story but our long term growth story is still intact. There has been a talk that the demonetisation will affect the GDP and hence the stock markets but we feel that the GDP is no way related to what the companies earn in terms of profits. So the demonetisation is likely to have a good impact on the markets and the economy overall in the long term. For now the good part is that a lot of valuations have corrected. We will see value buying picking up now. A good buying opportunity now can take us a long way. However we will have to wait for these opportunities patiently. The short term situation for now is very volatile as a change is happening every day. We need to be a bit cautious. We expect the markets to bottom out very soon. The markets will keep their eyes glued on events like the RBI and the US federal meeting happening soon on interest rates. Let’s wait and watch. Be disciplined on all existing positions. Do not allow profits to get converted to losses. Do not panic! We expect the markets to consolidate this week as well. All the best!