Don’t worry about the dips, Nifty is on course to reach 18,000: Chandan Taparia, MOFSL

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Indian markets saw a decline this week in line with the global markets. Benchmark indices Sensex and Nifty fell by 2% during the week while the broader markets outperformed. In terms of sectors, power index led with gains of over 6% while the Oil & Gas index moved up by 4.3%. On the other hand, the IT index was the major underperformer as it slipped over 5% his week. Chandan Taparia, Technical & Derivatives Analyst spoke to Money9 on what to expect from markets next week.

“This weakness comes at the back of sharp one way move of the markets. These dips should be seen as healthy corrections. The good part is that the Nifty is respecting the short term moving averages and still has in it to move higher and clock in record 18,000 mark in the hear term.

Although he believes that weakness may persist in next week because of muted cues from global markets and continued profit taking by investors ahead of the September quarter earnings season and RBI’s money policy review.

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