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RBI policy will direct the market movement next week
Nifty Future started the week with a gap up and continued to move higher throughout the week. Strong GDP data with expectation of good monsoon this year helped to boost positive sentiment.
Nifty Future started the week with a gap up and continued to move higher throughout the week. Strong GDP data with expectation of good monsoon this year helped to boost positive sentiment. FII remains net buyer mostly this week and market trend seems strong. Nifty June future gave closing above its previous six month's high and above the key support level of 8200.
Market movement going forward will depend upon inflow of foreign institutional investors, RBI moves regarding interest rate, and expectation of India Industrial production data and India manufacturing production data, scheduled to release next week. Technically Nifty is trading above the important support of 8150.
If Nifty breaches this support and sustains below it, it might test the next level of support at 8000. On the upside 8275 is likely to act as resistance. Today Nifty crossed this resistance but did not manage to sustain above it. If it manages to sustain above this level we can expect Nifty to test the next level of 8350.
By Rohit Gadia, Founder & CEO, CapitalVia Global Research Ltd.
