A morning walk down Dalal Street | Tread with caution, keep stop Loss below 11,630 for all long positions

The Nifty50 rose over 1 percent for the week ended August 31 despite mild profit booking in the second half of the week. The index closed positive in 3 out of last 5 trading sessions.

Fall in rupee which touched a new low of Rs 71/USD kept investors’ on the edge. But, Indian market continued its winning streak. This is the sixth consecutive week of positive closing for the index. 

In all likelihood, we should reclaim 11700 levels in opening trade and head towards 11760 levels and 11800 later in the month.

We could see a touch and go moment with 12,000 on the Nifty but traders are advised to tread with caution. A stop Loss below 11630 can be kept for all long positions. 

A break above 11760 on the upside will take the index towards 11800 and 11900.