Nifty Movement depend on reforms govt as the Mines and Minerals Amendment Bill, 2015

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

Nifty Future given opening on flat note, it remained under pressure due to review of hike in interest rate decision by Fed under FOMC meeting in mid of the week and high volatile was witnessed throughout the week as major bias remained negative for the market despite the lower WPI numbers hitting its lowest level in more than five weeks. Broad based selling was seen across the board.

Movement of index in near term will depend on further reforms initiatives to be announced by the government as the Mines and Minerals (Development and Regulation) Amendment Bill, 2015 sought to introduce the system of auction of mines that supply minerals like iron ore, bauxite and limestone to enhance transparency in mineral allocations. Nifty March Future gave closing at 8615 with weekly loss of 59.50 points. Technically, major trend of the Nifty Future is still bullish; however it may show further correction with the breach of its support level of 8575 and may test the next major support level of 8400. While resistance for the Nifty Future is at 8750 above which some positive movement can be seen in the near term.

Source : Equity Bulls

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