Coming week market movement depends on Union Budget - CapitalVia Global Research

Mr. Rohit Gadia, Founder & CEO, CapitalVia Global Research Ltd.

Nifty future made fresh 52 weeks low as high volatility was witnessed during the week to give a negative weekly close. Market breadth indicating the overall health of the market was week as broad based selling was witnessed in most of the sectors specifically banking, auto, metals, pharma and some short covering was seen on the last day of the week amid positive global markets.

The key event for the markets scheduled early next week is Union Budget for 2016-17 on Thursday, 29th February 2016. There are huge expectations from the government, as already the international markets are keeping Indian economy on edges, Thus all eyes are set on the budget which can bring some shine back on the Dalal street.

Market movement depends on Union budget, trend in global markets, investment by foreign institutional investors (FIIs), the movement of rupee against the dollar, movement of crude oil prices will dictate trend of the market in near term and also announcement of auto sales data by auto companies scheduled early next month.

Nifty Future gave weekly closing at 7055.15 with weekly loss of 157.30 points.

Technically, in daily charts short term trend of Nifty Future is down as it has given a negative weekly close as it is trading in range of 6900 - 7250 levels. Thus, in near future, it may bounce upto the levels of 7250 which is its important resistance level and then break the lower levels of the range; on downside immediate support level is at 6900 levels.

Source : Equity Bulls

Keywords