Over all breadth of market is weak

Market Forecast - Mr. Vivek Gupta, CMT - Director Research, CapitalVia Global Research Limited.

Last week 50 Shares Index Nifty futures gave gap down opening and it extended its earlier losses. Later on Nifty futures tested its major support of 7860 and bounced from its psychological support of 7850. Towards the end of the weekly trading session, Nifty October Futures experienced a downwards swing amid global cues, strong Q2 results of Infosys helped to minimise the losses.

Crude oil prices continue to be at lower levels because of which Oil stocks rallied, Paints & Tyres stocks also out performed on decline in crude prices.

For the coming week market may take cues from CPI numbers, to be declared on Monday, October 14 and Whole Sale Price Index scheduled on Tuesday, October 14.

Over all breadth of the market is weak. Currently Nifty futures is sustaining above the major support mark of 7850 if it breaches this support it may show further downside movement till the levels of 7705. Resistance for the Nifty Futures is at 8015 and 8085.

Source : Equity Bulls

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