MARKET EYE WEEK AHEAD – NIFTY & BANK NIFTY REMAINS BULLISH

The week started off with losses as the Current Account Deficit is increased than last quarter which had released on Friday after market hours.But then the markets are rose by 2.5 percent after the concerns over the U.S shutdown have increased the worries among U.S economy which boosted the Indian markets.

Nifty traded in the range between 5,700 and 5,950 levels. Overall it has gained around 3 percent in the week, touched 7 day’s high. The trend in Nifty remains bullish and it may reach till 6050 levels.

India’s Current Account Deficit was narrower than expected at $21.8 billion, or 4.9 per cent of gross domestic product, in the June quarter, still, it was wider than the $18.17 billion, or 3.6 per cent of GDP, in the three months ending in March, on a seasonal slowdown in exports and firm imports.

Bank Nifty traded in the range between 9580 and 10330 levels and has recovered almost 8 percent after the concerns over the U.S shutdown has weakened the U.S economy. The overall trend for Bank Nifty is bullish and it may reach till 11120 levels.

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