Movement of Nifty will depend on the quartely results of large Cap companies - CapitalVia Global Research

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

Nifty Future slipped for fourth consecutive trading session to close at three and half weeks low. Market breadth indicating the overall health of the market was negative. Banking, Financial, Oil, capital goods and specific mid cap stocks led the fall.

In overseas stock markets, global markets were trading lower after the Federal Reserve signaled a december rate hike still possible, also Japan's central bank Bank of Japan refrained from introducing further easing, keeping its annual asset purchase target at 80 trillion yen ($660 billion), despite building expectations of stimulus amid disappointing economic data.

Macroeconomic data, trend in global markets, investment by foreign institutional investors (FIIs), the movement of rupee against the dollar, crude oil price movement, sale data of Auto companies to be announced starting in next month and upcoming quarterly results of large cap companies like Tech Mahindra, Tata Steel, Cipla, Tata Motor, SBI, PNB, M&M, ONGC and Bhel etc. will dictate trend of the market in near term.

Nifty November Future gave closing at 8094.70 with weekly loss of 209.45 points.

Technically, NIFTY future on daily chart is looking bearish. NIFTY future has peaked as it could not cross its important resistance level of 8400 which is also downward sloping trend line of falling channel. Thus, in near future it may test its support level of 7980, which 50% of retracement levels of recent rise. If it breaches this level, it may show correction till 7900 level, on upside immediate resistance is at 8300 levels.

Source : Equity Bulls

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