NIFTY Cautiously Positive

Nifty closed strongly this week after a hick up in the middle of the week. Immediate resistances are near 17841, 17944 and 18039 in the near term. The support levels in the near term will be 17593, 17418 and 17388. With so called arrival of ‘3rd Wave’ and exponentially increasing case DIIs, FIIs and Retail investors will remain on a tenterhook. It looks like Healthcare infrastructure as well as adaptability of India Inc will be tested again. On the long run every fall should be considered an opportunity to go long. Short term turbulence can be expected. Overall outlook for the coming week remains cautiously positive.