A morning walk down Dalal Street | Bulls should remain in control as long as Nifty defends 11,250

We witnessed a smart recovery in the second half of the week but Nifty failed to close the week in positive. It ended 0.64 percent lower while Sensex slipped by 0.78 percent for the week ended September 14.

The positive takeaways is that we have managed to close above crucial support levels placed above 38,000 on the Sensex and 11,500 on the Nifty. 

As long as Nifty defends 11,250 levels, bulls should remain in control and push the index towards 11,620-11,760 levels.

This week will also be a truncated one. 

Markets would also react to govt's plan to bring down CAD and cap rupee fall.

The measures include removal of withholding tax on Masala bonds, relaxation for foreign portfolio investors and curbs on non-essential imports to contain the widening current account deficit (CAD), which has widened to 2.4 percent of GDP in April-June, and check the rupee’s fall. 

These measures are likely to have a positive impact to the tune of $8-10 billion, a top finance ministry official said.

The upcoming week will see a new company entering the market with its initial public offering (IPO). IRCON International will open its IPO for subscription on September 17 with a price band of Rs 470-475 per share.