Gold prices closed on a two-week high

The Sensex on Friday reclaimed 28000 points, after the Finance Ministry and State Govts reached a consensus on state compensations. They fixed the base year as 2015-16. The new indirect tax regime will start from April 1, 2017. The states would be compensated for any loss of revenue. The Finance Ministry has set the November 22 2016 deadline for building on all the issues. FII stayed lines most of the days, ahead of US presidential election results and concerns of a possible interest rate hike in December 2016. Nifty has support at 8473 and resistance at 8747 and 8800. If there is a major short covering then we can expect 8900 before the expiry. As the technical indicators are in positive territory, one should add long positions at lower levels, in a phased manner.