Equity Market Tips: EQUITY TECHNICAL REPORT

NIFTY 50 8261.75 (174.95)↑(2.16%)

This week markets open with a positive note. Nifty open at 8088.75 and made a low at 8056.85 Nifty rose sharply by 85 points from there to make a high of 8141.90 and finally closed at 8128.75 on Monday. On Tuesday, The NSE Nifty ended Tuesday's session on a positive note, but failed to hold 8150 intraday support level and made a low at 8130.85. Nifty sharply fell by 51 points from its high to make a low of 8157 and finally closed at 8165. On Wednesday, the market has ended in red. The Nifty got down 41 points at 8102. Banks were knocked off after Reserve Bank of India, in a surprise move; Mr. Urjit Patel kept key interest rates unchanged. The Bank index lost over 1% at closing. The RBI surprised everyone in its first monetary policy review after notes ban keeping its repo rate unchanged at 6.25%. On Thursday, nifty is opening at 8280 almost 52 point gap up on strong Global cues. Index Nifty saw smart buying after a gap up opening. The Nifty Bull Run continues, supporting this is the upwards run by associating indices. We had recommended in last week research report (see our weekly report 5 Nov to 9 Nov 2016) (we advised to Nifty future Buy on deeps 8100-8050 target will be 8200-8300). Our 2nd target almost achieved on 09 Nov Nifty future made a low at 8294. On Friday, the last Trading day of the week; the market ended higher, recording their biggest weekly gain in more than three months. Monday through Friday, The Nifty rose by 175 points around. This upside rally was contributed by strong fundamentals of the Indian economy, accompanied with strong International markets. The Nifty50 (spot) opened the week at 8088.75, made a high of 8274.95 low of 8056.85 and closed the week at 8261.75. Thus the Nifty closed the week with a gaining of 175.95 points or 2.16%.