Coming week market trend - Mr. Rohit Gadia, Founder & CEO, CapitalVia Global Research Limited.

"Nifty Future corrected sharply during the week in spite of the repo rate cut by 25 basis points to 7.25% by RBI governor, hitting its lowest level in almost three weeks on the back of India Meteorological Department (IMD) forecasts deficient rainfall this year. The market breadth indicating the overall health of the market was negative. Broad based selling was witnessed throughout the week specifically led by banking, pharma, metal, mid cap and small cap stocks. In overseas markets, European stocks edged lower and Asian stocks were mixed. US markets were also mixed as negotiations between Greece and its international creditors continued to move forward. Movement of index in near term will depend on further reform initiatives to be taken by the government and also IIP and CPI data to be announced on 12th June, 2015. Technically, Nifty Future is looking weak on charts and it is expected to head southwards as it is hovering above its psychological level of 8000 mark which is also important support level. Once it breaks the immediate support level decisively, further corrections can be seen till the levels of 7800 - 7700 while its immediate resistance level is at 8330."

Source : Equity Bulls

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