The
markets are in a consolidation phase after hitting 52-week highs earlier in the
week. Today on week ended Friday the market opened higher led by gains in
auto companies and ahead of US jobs data, which is expected to came
in stronger, thus raising chances of a Federal Reserve rate hike
soon. Late buying helped the Nifty close above psychological 8800 level for the
first time since April 2015, driven by banks, auto and telecom stocks The
Sensex ended with a gain of 109 points at 28532. The Sensex opened at 28499 touched
an intra-day high of 28582 and low of 28428.
The positive momentum to continue in medium term on hopes of
earnings recovery in H2FY17 but there may be some profit booking next week due
to outflow of money from domestic investors for advance tax payment. After
three years of earnings downgrade, earnings upgrade cycle could possibly start
post September and that could be the single largest trigger for the market. Positive
for the whole September series, expecting 9000 on the Nifty but would be
cautious for the next truncated week.
The market will remain shut on Monday for Ganesh
Chaturthi holiday.
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Supports: 8700 and 8650
Resistances: 8850 and 8900
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