Market will depend on foreign institutional investors and movement of crude oil prices - CapitalVia

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

Last week was a truncated week as Nifty future was trading in narrow range but gave positive weekly close following positive global cues. Market breadth indicating the overall health of the market was mixed as buying was witnessed in sectors specifically in metals, cement, defence, capital goods and select mid cap stocks etc.

The stock market remains shut for two days 24th March 2016, on account of Holi and on Friday 25th March 2016, on account of Good Friday. Many global markets are also closed on account of Good Friday.

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.

Nifty Future gave weekly closing at 7736.30 with marginal gains of 131 points.

Technically, in daily charts short term trend of Nifty Future is up as it gave positive weekly close above 7700 levels and sustaining above 100 DMA. As it has crossed downward sloping trendline around 7600 levels which will now act as a strong support moving forward according to change of polarity principle. Thus, in near future, it may test the levels of 7800 levels which is its next immediate resistance level and on downside immediate support level is at 7600 levels.

Source : Equity Bulls

Keywords