Market movement will depend on Q4 results and macro-economic data : CapitalVia Global Research

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

Nifty Future began the week on positive note and extended the gain in later part of the weekly session on forecast of above average rainfall. Positive macro-economic numbers ( IIP accelerated to 2% as compared to previous -1.5% and CPI inflated lowered to 4.83%) also boosted the investor's sentiments and it resumed the level of 7800 again after January 2016. The market breadth indicating the overall health of the market was strong. Banking, financial, Auto stocks led the rally.

Nifty Future given closing at 7860.25 with the net gain of 282.15 points.

Trend in global market, investment by FII and DII , movement of rupee against dollar and crude oil price movement will dictate trend in near term, WPI based inflation number will be released on Monday, 18th April 2016. Stock specific movement can be observed as LIC,Cairn,HDFC Bank,Indusind Bank, M&M Fin, TCS will declare their quarter four numbers in upcoming week. Infosys profit grew by 3.8 percent to Rs 3,597 crore; beats analyst expectations and is likely to show up rally in upcoming sessions.

Technically, Short term trend of Nifty Future is up only, it has tested its 200 days moving average and may test the psychological resistance level of 8000 in upcoming sessions, if crosses the resistance mark of 7900, Support for the Nifty Futures will be 7680 and 7530.

Source : Equity Bulls

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