Factors like monsoon and GST will direct market movement in coming week: CapitalVia Global Research

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

Nifty Future started this week with a negative sentiment followed by the Brexit which dampened the overall uptrend initially. However market rebound sharply and manages to move above the pre Brexit level around 8300. At the end it has posted a gain of 272 point to close at 8358 on weekly basis.

Market movement next week will mainly depend on FII trading activities, Commodity price in global market especially how crude oil behave after easing its momentum recently. Domestic factor like monsoon and speculation on GST which is highly likely to be passed in parliament is going to be key. Manufacturing PMI data is scheduled to release which could bring short term volatility too.

Technically the medium term trend is not only intact but gaining its momentum in last couple of days. As long as the key support level of 8000 marks hold we expect this market has potential to move further high. Next level of resistance comes around 8480-8500 level. Momentum indicator is in favour of continuation of the present trend as no divergence is still visible.

Source : Equity Bulls

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