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Weekly Outlook

Trading for the week started on an upbeat note on back of domestic and international ques. The IMD in its weekly weather report said that for the country as a whole, cumulative rainfall during this year's monsoon up to 13 September has been 6% below the normal rainfall. On the macro front, the WPI stood at 3.24% (provisional) for August 2017, compared with 1.88% (provisional) in July 2017 and 1.09% in August 2016. India's industrial production rose 1.2% in July 2017 over July 2016, while snapping 0.2% decline for June 2017. Domestic stocks logged strong gains in the week ended led by gains in pharma and auto stocks. The BSE Small-Cap, MidCap indices outperformed the Sensex during the week. The Sensex and Nifty both rose 1.5% to settle at 32,273 and 10,085 levels respectively.

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Technical Outlook

Nifty closed in the positive territory in last trading and the buy crossover is maintained in its daily momentum indicator MACD which is quite positive of the bulls in the short term. The bulls continue to have an upper hand and its good as the festive season comes near generally the markets tend to inch higher. Now, as we have been saying that the Nifty has completed the running flat pattern on the daily charts, so that the probability of it inching towards the upper end of the range is quite high, it has happened so as we had anticipated hence 10220 which is our initial target is quite now quite near. The Index is forming higher tops and higher bottoms which is quite positive for the bulls, hence till their previous lows aren’t broken i.e. 9950 levels aren’t broken the overall bias remains positive. If the Index closes above 10220 levels then the target will be revised for 10300 levels as well.

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