Technically intermediate trend of Nifty Futures in short term is down

Week Market Trend - Mr. Vivek Gupta, CMT – Director Research, CapitalVia Global Research Limited.

Nifty Future gave positive opening but remained under pressure and extended its losses, hitting its lowest level in more than ten weeks due to geopolitical tensions and an increase in global crude oil prices. High volatile was witnessed throughout the week as market breadth indicating the overall health of the market was weak. Broad based selling was seen across the board specifically led by banking and IT sectors.

In overseas markets, European and Asian stocks edged lower due to worsening geopolitical situation in the Middle East after Saudi Arabia said it had launched airstrikes on rebel forces in Yemen dampened sentiment and continued concerns over the strong US dollar hit investor sentiment.

Movement of index in near term will depend on further reforms initiatives to be announced by the government and upcoming auto sales numbers announced by the auto companies.

Nifty April Future gave closing at 8436.95 with weekly loss of 165.10 points.

Technically, intermediate trend of the Nifty Future in short term is down; however it is expected to see some retracement of the current fall and trade in a broader range of 8350 - 8650 levels and with the breach of its support level of 8350 and may test the next important support level of 8170. While resistance for the Nifty Future is at 8650 levels, above which some positive movement can be seen in the near term.

Source : Equity Bulls

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