FII trading and Oil prices movement will hold the market key for coming week: CapitalVia Global Research

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

Nifty Future started the week with a gap down and remained in a range throughout the week. During the week followed by Fed decision of keeping the interest rate unchanged and Bank of Japan, which refrain from providing further monetary easing market once became nervous, however interested buyers at lower level save it from a large fall.

At the end Nifty ended with a net loss of 27 points on a weekly closing basis.

Market movement next week will depend upon the referendum on Britain exit from the European union. Over a last week and recent poll indicates a swing towards Brexit. This if prove right on 23rd June referendum will create volatility in the market. Along with this FII trading activities and Oil price movement is going to be key.

The medium term trend is still very strong and a move above 8250 will bring back the momentum which is missing at the present time. On the downside 8070 is likely to act as support. Below this level 8000 mark should act as pivotal point for the market in medium term. Only a move below this level of 8000 the medium term positive outlook will change. Although, Given the technical setup of the market chances of this is very remote.

Source : Equity Bulls

Keywords