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Below are Views On today`s post market report by Mr. Rahul Sharma, Co- Founder, Equity99.

Today Midcap & Small cap index have seen major profit booking and from the recent highs it has corrected by at least 3-4 % now and at the same time the Main Indices Nifty & Bank Nifty are at peak high.

NSE Small Cap100 Index which was trading high till 4th of August and made high of 10673 & NSE Mid Cap 100 made high of 28403, both indices have seen profit booking from the higher ends. As the Midcap cap and Small cap both were in overbought zone and valuations were getting in over-stretched these indices have witnessed strong profit booking today and have decline to 9978 & 27225 respectively today.

The new entrants in the market, who have joined stock market in last 15 months, should change their mind set of gaining each and every day, the dream run or the honeymoon period is over and now going ahead the journey will be very rough, only those who have patience will sustain in the market.

Small correction or a cyclic profit booking will surely hit the market, but Indian Market is clearly going to outshine in coming days, The investors doesn't need to panic at all, the stocks with strong fundamentals still have huge potential and will defiantly outperform in coming days. This sell off is very much temporary and will be treated as opportunity for Averaging good stocks in coming days.

Today Nifty gave flat closing at 16280, just 21 points higher from last closing resulting another Doji Type candle on intraday charts, this pattern generally indicate that the bulls and bears in the market are equally active and Profit booking pressure was clearly visible, now going ahead nifty has a strong support at 16200 followed by 16075 and 16000 levels & similarly on the upper side 16350 -16400-16450 will act as resistance.

Bank Nifty on the other side was under pressure as well but managed to give closing on positive flat side at 36034, now going ahead Nifty Bank has a major support at 35850 levels followed by 35600 & 36450, Similarly on the upside 36200 – 36400- 36500 will act as resistance levels.

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