Nifty Weekly Outlook for October 2012

Nifty ended the Q3 with a positive note and a fresh 52 Week high of 5735  but we are entering Q4 with some bad data which came out today. Current Account Deficit came in at 3.9% of GDP against an expectation of 3.3%. Indian Rupee closed at 52.69 almost at 6 month high on sustained FII flows.
2 October will be Holiday on account of Gandhi Jayanti, China market will be closed from whole week and Hongkong market will be closed on 1 and 2 October so expect a dull trading for start of Q4.
HSBC PMI data will come on Monday as Economic data from Indian Market perpective.
Whats in store for next week lets jump and see the Nifty technical outlook

 Nifty Hourly Chart

Nifty Hourly chart took support at rising trendline at 5695 on Friday and closed above ...


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