Market will move Outcome of Bihar elections - CapitalVia Global Research Ltd

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

This week bears had complete control over the bulls as Nifty Future hits 5-week closing low. Market breadth indicating the overall health of the market was weak. Banking, financial, metal, pharma, telecom led the fall.

In overseas stock markets, all global markets edged lower ahead of US employment data for October 2015 that is expected to bolster the case for a Federal Reserve interest rate hike as early as next month and also awaited monthly non-farm payrolls report today in evening.

Outcome of Bihar elections to be announced on 8th Nov 2015, macroeconomic data, trend in global markets, investment by foreign institutional investors (FIIs), the movement of rupee against the dollar, CPI, IIP data to be announced on 12th Nov 2015 and WPI data to be announced on 16th Nov 2015 and upcoming quarterly results of cap companies like Tata Power, REC LTD, Havells, HPCL, Abirlanuvo, Bank of India, Coal India, Hindalco, CESC, etc. will dictate trend of the market in near term.

Nifty November Future gave closing at 7985.85 with weekly loss of 108.85 points.

Technically, NIFTY future on daily chart is looking bearish. NIFTY future has given a weekly close below the psychological levels of 8000 which is also around 50% of retracement levels of previous rise. Thus, in near future it may test levels of 7900 - 7850. If it breaches this level, it may show further correction till 7700 level, on upside immediate resistance is at 8100 levels.

Source : Equity Bulls

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