The market rose last week mirroring gains in the global markets. Investors’ risk appetite improved after the US Federal Reserve left interest rates unchanged and projected a less aggressive path for hikes next year and in 2018.
Concluding a two-day meeting, the Federal Open Market Committee (FOMC) announced that the federal funds rate will remain at 0.25% to 0.5%. The Fed also said risks to the economy have diminished since its last meeting in July. The Fed last raised rates in December 2015, the first hike in almost a decade.
In the week ended Friday, 23 September 2016, the Sensex rose 69.19 points or 0.24% to settle at 28,668.22. The gains for the Nifty 50 index were higher in percentage terms than those for the Sensex. The Nifty rose 51.70 points or 0.59% to settle at 8,831.55.
Nifty Trend For This Week
Nifty is looking in consolidate trend for this week. Nifty rose 51.70 as per the weekly analysis. For coming trading sessions Nifty has a resistance at 8912 and 8981. Support is also set for this week at 8779 and 8715 level. We suggest buying on dips will be Nifty Trading strategy for Monday