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Most experts feel that the bull run remains intact but advise traders to remain cautious as the Nifty approaches crucial resistance levels of 11,900-12,000.
The Nifty rose over 1 percent for the week ended August 31 despite mild profit booking in the second half. The index closed positive in three out of last five trading sessions.
The fall in the rupee, which touched a new low of 71/USD, caused a scare but it wasn’t enough to put investors off, with the week being the sixth consecutive positive close for the index.
Most experts feel that the bull run remains intact but advise traders to remain cautious as the Nifty approaches crucial resistance levels of 11,900-12,000. Support for the index is placed at 11,639.
“If we compare the price action of the week gone by and the previous one, we can clearly see it was quite identical in nature. On both occasions, the beginning was good but the market struggled to sustain at higher levels. We would have interpreted this as a caution if the damage was bigger.
But, since it’s not the case, we would rather construe this as a sign of strength considering the small but crucial recovery on Friday. Since the chart structure still does not show any weakness, we would continue with our positive stance and would reiterate that the index is heading towards 11,900 quite soon
Chavan further added that the immediate resistances for the forthcoming week can be seen at 11,728-11,760. On the flipside, this week’s low of 11,639 would now play a major role in protecting the downside.
On the sectoral front, pharma and metal have been the outperforming stocks along with It stocks, thanks to a weak rupee.
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