Below is Weekly Nifty Update By Mr. Anuj Gupta, Vice President, IIFL Securities

As expected we have noticed that nifty increased sharply by 4.18% and closed at 16719 levels. Sensex also increased by 4.30% and closed at 54117 levels.

Dow also increased sharply by 1.95% and closed at 31899 levels last week.

Positive numbers of company and positive cues comes from ukrain supported the global equity market, how ever ruppee is still trading on record low level of 80. 

We have  also seen that lower crude oil prices and recovery in monsoon is good for indian economy, so that indian equity market closed on a northward direction

For the next we are expecting a same positive trend for indian equity markets.  Nifty strong support at 16300 and 16000 levels, resistance at 17000 and than 17400 levels. We are expecting that nifty maybtest 17000 levels very soon. 

We are also expecting that ruppee may also appreciate and it may test 79 to 79.40 levels on the back positive cues for indian economy.

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