Nifty June Future closes at 8247 with weekly hefty gains of 268.30 points - CapitalVia Global Research

Mr. Vivek Gupta, CMT - Director Research, CapitalVia Global Research Limited.

Nifty future throughout the week traded with positive sentiments as it regained its psychological level of 8,000 mark on the back of expectations of above-average monsoon rain and US Federal Reserve said after the conclusion of a two-day monetary policy meeting yesterday, 17 June 2015 that its monetary-policy tightening would be gradual, easing concerns of possible sudden outflows from emerging markets. Financial, metal and pharma stocks led the rally as indices hit their highest closing level in more than two weeks.

In overseas stock markets, Asian and European stocks edged higher after the Federal Reserve signaled it would move more slowly on raising interest rates. US stocks advanced sharply on 18th June 2015, sending the Nasdaq Composite and the Russell 2000 to record highs, while the main indexes recorded their third consecutive day of gains.

Nifty June Future gave closing at 8247 with weekly hefty gains of 268.30 points.

Technically, Nifty Future is forming a falling wedge pattern in daily charts and it is expected to find resistance around the upper boundary line of the pattern around the levels of 8300 and then head lower. If it breaks its immediate support level of 8150, further corrections can be seen till the levels of 8000 - 7900 levels.

Source : Equity Bulls

Keywords