Wall Street stocks pushed to record highs on Friday. Pic/AFP

After lacklustre movement, Nifty managed to close at 8793, with firm support from Europe and US market data. European equity markets witnessed the highest ever closing after 2015. US markets are also looking very strong and macro data suggests strong economical recovery. According to a Deutsche Bank strategist, the US market could rise further in 2017. Technical indicators also suggest a strong rally on the cards. S&P 500 VIX, which measures investor sentiment declined to 10.73, suggesting a firm outlook for the markets in the coming days. Domestic investors were expecting 25 basis point cut in the RBI policy meet, but RBI maintained status co. Recently, major macro data which came out, was below market expectation. Industrial Production reported a growth of -1.29 per cent and Manufacturing production by -2 per cent. Sustained domestic and FII buying supported the market in a big way, despite these negative market cues.