|Market This Week
||Last week the NIFTY closed at 7983 registering a loss of 1.6% over last week. The NIFTY broke the psychological and technical support of 8000. It could be attributed to events like poor earnings, weak monsoon, weakening rupee and RBI’s policy not going very well with the government’s economic agenda. What next now? The markets are definitely seeing a selloff and it’s good that we have been in a dormant state. No point taking positions which have high probability of triggering stop losses in this market. The immediate short term trend looks bearish. One point to be noted sincerely is that good stocks are not seeing a sell-off at all. It’s only the weaker ones that are correcting. That’s definitely a good indication and strengthens our long term bull run. Let’s wait patiently for a while this week too and see how things shape up. We would definitely see some pullback rallies but whether that’s sustainable is something that we must be looking for. All the best!