The ruling Party at the centre, the BJP, had put up a decent show in remaining three states polls viz. Uttarakhand, Manipur and Goa while it succumbed to Congress party in Punjab.The election results could provide a much needed boost to BJP to accelerate the pace of reforms, including the roll out of the crucial Goods and Services Tax (GST), slated to be implemented from 1 July 2017.
Among global news, US Federal Reserve raised interest rates as expected without accelerating its timeline for future tightening. The Fed raised its benchmark lending rate a quarter point and continued to project two more increases this year. Fed said that it would raise the benchmark federal-funds rate to a range between 0.75% and 1%.
On Nifty weekly chart strong resistance is seen at 9180. If it breaks with high volume, more bullishness is expected.
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