Highest weekly closing ever for Nifty.

Lower inflation figures and positive start on European kept Indian equity market sustained on a higher note. Inflation dipped to a five month low of 5.19 per cent in July mainly on account of decline in prices of some food articles, vegetables and protein rich items. It was at 5.43 per cent last month and 5.84 per cent in July 2013. 
Nifty gained 52.15 points to end up at 7791.7, highest on weekly closing basis and Sensex closed at 26103.23, up by 184.28.

All sectoral indices on NSE closed in positive except CNX IT and CNX Media which was the top loser by 0.23% whereas CNX Metal index rose the most by 1.92%.

In Nifty50 stocks, Heromotoco was the top loser by 2.51% which ended at 2514 and Jindalstel was the top gainer by 3.27% and closed at 284.1.

Unitech was the turnover topper by the traded quantity and Tatasteel by the value traded today on NSE.

Advance decline ratio was positive as 737 stocks gained and 414 stocks declined and 18 remained unchanged on NSE today.

Nifty Outlook :

Nifty has closed on the highest level ever on weekly basis ahead of longer weekend. It has closed above the 61.8% retracement from 7840.95 high made on 25th July and the low of 7540 marked on 8th Aug. 7840-7850 may be the hurdle for it's Northward journey ahead and 7760 will be the immediate support as well. Finding opportunities in every dip is advisable. Bottom fishing will be advised at around 7640 or 7590 levels with a strict stop at trend reversal level of 7490.