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Nifty will depend on global market trends and Q4 Result: CapitalVia Global Research
Week begun on flat note ,remained in negative territory after breaching of the major support level of 7600 as RBI cut the key interest rate only by 25 basis points in its first bi-monthly monetary policy review. It hit the lowest level in last two weeks.
Week begun on flat note ,remained in negative territory after breaching of the major support level of 7600 as RBI cut the key interest rate only by 25 basis points in its first bi-monthly monetary policy review. It hit the lowest level in last two weeks.
Trends in global market, Q4 earnings of Infosys , investment by foreign institutional investors (FIIs), movement of crude oil prices will dictate trend of the market in near term.Macro economic numbers CPI and IIP will be announced on April 12,2016 while WPI will be unveiled on April 14,2016. Less volatility and movement can be observed in upcoming week as market will remain closed on 14th and 15thApril on occasion of Dr.Baba Saheb Ambedkar Jayanti and Ram Navami respectively.
Nifty Future gave weekly closing at 7583.05 with the net loss of 165.70.
Technically short term trend of Nifty Future is up, last week it tested the level of 7800 and could not sustain above the same, in near term it is likely to trade in broader range of 7800 and 7400, it may test the level of 7400 , if manages to trade below the immediate resistance mark of 7660; while with the crossing of the mentioned resistance mark of 7660, it may again test the level of 7800.
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By Rohit Gadia
The author is Founder & CEO, CapitalVia Global Research Ltd.
