Market will see bullish trend in coming week - CapitaVia Global Research Limited

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

Nifty future extended its gains from last week to hit more than four weeks high. Market breadth indicating the overall health of the market was positive as broad based buying was seen in most of the sectors specifically led by finance, capital goods, cement, infrastructure stocks led the rally and select mid cap stocks like ADAG packs extended their gains.

Macroeconomic data, trend in global markets, investment by foreign institutional investors (FIIs), the movement of rupee against the dollar and movement of crude oil prices will dictate trend of the market in near term.

Nifty Future gave weekly closing at 7983 with weekly gains of 111.25 points.

Technically, in daily charts short term trend of nifty future is up. NIFTY future has given a third positive weekly close below the psychological level of 8000 mark. Thus, in near future it may test levels of 8100 if it cross its psychological level on closing basis. If it breaches its immediate support level of 7900, it may show further correction till 7850 - 7800 level, on upside immediate resistance is at 8100 levels.

Source : Equity Bulls

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