Market movement may depend upon trend in global markets, investment by FIIs - CapitalVia

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

Nifty Future begun the week on negative note and continued to show correction till the end of week. Less than expected IIP numbers and outcome of Bihar election dragged the market further downside. Market breadth indicating the overall health of the market was weak. IT, Pharma, Infra led the fall.

Nifty November Future gave closing at six week's lows at 7770 with the net loss of 207.40 points.

Market movement may depend upon trend in global markets, investment by foreign institutional investors (FIIs), the movement of rupee against the dollar and WPI data to be announced on 16th Nov 2015. Fed's decision on interest rate will act as major trigger for the Indian market.

Technically Nifty future is looking weak for the upcoming trading sessions, it is having important support of 7700 , if it breaches this level it may correct further till the next support level of 7550 as it is sustaining below its 50 and 200 DMA, it has resistance at 8000.

Source : Equity Bulls

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