Short-term outlook for Nifty remains positive above 11,171: Devang Shah

Broader market indices such as midcap & small cap also closed weekly in positive territory, says Sevang Shah

NIFTY      

CLOSE- 11589.10 (07.09.2018)

The market closed first weekly negative close after a strong rally in last 2 months. It made a high of 11,751.80 levels on Nifty & 38,989.65 levels on Sensex so far in this rally. It looks like short-term consolidation phase from an overbought zone in the market as expected last week as the first possibility. It looks like the high possibility of the market to extend further for higher levels targets after completion of this time wise consolidation phase. Although short-term wave counts get keeps on changing but overall medium-term trend from wave count perspectives remains