Nifty Future to remain in range in near term

Mr. Vivek Gupta, CMT – Director Research, CapitalVia Global Research Limited.

After bouncing from the major psychological support level of 8000, Nifty November Future series given the positive opening this week and traded volatile in later week as traders rolled over their position in derivative segments. The Winter session of parliament ended this week, but government was unable to pass key legislative reforms bills passed. The government approved 100 % FDI in medical devices via the automatic route. Market breadth turned negative from positive in mid of the weekly trading sessions as a result of assembly poll of Jammu & Kashmir and Jharkhand state. FII were net seller in this week also.

Nifty January Future series given closing at 8269 with the net weekly change of 29.15 points.

The movement of rupee, trend of the global market and investment by FII may affect market movement in near term. Auto mobile stock may remain in focus as most of these companies will declare their sales number in early week.

Nifty Future may remain in range in near term and is likely to continue its northward journey with the crossing of the resistance level of 8375, if it continues to sustain above the support level of 8150.

Source : Equity Bulls

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