Market will depend on CPI and WPI data announced - CapitalVia Global Research Ltd.

Mr. Rohit Gadia, Founder & CEO, CapitalVia Global Research Ltd.

Nifty future managed to give positive closing as bulls had upper hand over the bears as high volatility was witnessed throughout the week. The positive sentiments in the markets was triggered by European Central Bank (ECB) stimulus announced yesterday on 10th March 2016 cutting its main interest rates and expanding its massive bond-buying program. Market breadth indicating the overall health of the market was positive as buying was witnessed in sectors specifically led by financials, metals, pharma etc.

On the global front, the US Federal Reserve's two-day monetary policy meeting is scheduled on 15th and 16th March 2016. It is expected that Jenet Yellen will keep interest rates unchanged next week due to uncertainties still persists in global markets.

Market in near term will depend on consumer price index (CPI) data and wholesale price index (WPI) data to announced on Monday, 14 March 2016 for February 2016 and also take cues from trend in global markets, investment by foreign portfolio investors (FPIs),movement of crude oil prices.

Nifty Future gave weekly closing at 7512.20 with marginal gains of 51.85 points.

Technically, in daily charts short term trend of Nifty Future is up as it is trading above 50 and 20 DMA. It also gave a positive weekly close giving confirmation of previous weeks bullish belthold a reversal candlestick pattern on weekly charts. Thus, in near future, it may test the levels of 7600 which is its next immediate resistance level and on downside immediate support level is at 7400 levels.

Source : Equity Bulls

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