Next week Nifty will test the level of 8150 - CapitalVia Global Research

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

Nifty future traded in positive zone this week also, getting support from lower than expected macroeconomic numbers CPI and WPI, it regained the level of 8000 in early trade of Friday as market sentiment was boosted by the US Federal Reserve's decision to hold raising interest rates after the conclusion of a two-day monetary policy meeting. Market breadth indicating the overall health of the market was strong. Banking and IT sectors were among the key gainers.

Movement of index in near term will depend on crude oil prices, movement of rupee against dollar, global market sentiments. Market may remain volatile ahead of expiry of derivative contracts on 24th September. RBI's monetary policy review is scheduled on 29th September which will pave the way for market movement in near term.

Nifty Future has given closing at 7965 with the net weekly gain of 175.65 points.

Technically Nifty Future is in short term correction phase and is likely to trade in broad range of 8150 and 7650, it has immediate support at 7950 with the breach of this it may correct further till the next support of 7800, while with the crossing of the resistance of 8075 it may test the level of 8150.

Source : Equity Bulls

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