Indian market is expecting a better year ahead - Vivek Gupta, CapitaVia

Due to the absence of any negative cues Nifty future extended its gains from last week to close at three weeks closing high but some intraday volatility was seen during the week. Market breadth indicating the overall health of the market was positive as broad based buying was seen in most of the sectors specifically led by metals, telecom, capital goods, textile and select mid cap stocks like Anil Dhirubhai Ambani group (ADAG) stocks led the rally.

The Indian market is expecting a better year ahead with a revival in FII sentiments. Macroeconomic data, trend in global markets, investment by foreign institutional investors (FIIs), the movement of rupee against the dollar and movement of crude oil prices will dictate trend of the market in near term, on the back of reduced risks over global liquidity, correction in commodity prices to decade lows.

Nifty December Future gave closing at 7874.00 with weekly gains of 83.90 points. Technically, in daily charts short term trend of nifty future is up. NIFTY future has given a positive weekly close which is a confirmation to previous weeks piercing line candlestick pattern. Thus, in near future it may test levels of 8000 if it holds its important support level of 7800. If it breaches this level, it may show further correction till 7700 level, on upside immediate resistance is at 7930 levels.

Source : Equity Bulls

Keywords