Market View: 2-6 MAY 2016

Filed in Market Update by on May 2, 2016
Week Market View: 2-6 MAY 2016
Market This Week Last week the NIFTY closed at 7850 registering a nominal loss of 0.63% over previous week. The volatility seen could be attributed primarily to derivative expiry and the monetary policy of Bank of Japan which disappointed investors. The level of 8000 has been acting as a strong resistance for NIFTY for quite some time. Last week the NIFTY came close to breaking it but the bears made sure it didn’t succeed. Had that level been broken, we would have seen a decent one way rally. This week, the NIFTY is likely to get range bound between 7650 and 8000. Till the time this range is taken off, either above 8000 or below 7650, NIFTY is likely to be volatile and also no concrete direction could be seen. All low risk taking investors should be on the side-lines while the NIFTY consolidates between this range. Let’s wait and watch for this week and keep a low profile. All the best!

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