Nifty future will depend on upcoming quarterly results of the company: Vivek CapitalVia Global Research

Nifty future will depend on upcoming quarterly results of the company: Vivek CapitalVia Global Research
Highlights

Nifty Future continued to hover in positive zone during the week and managed to close with weekly marginal gains. Market breadth indicating the overall health of the market was quite strong.

Nifty Future continued to hover in positive zone during the week and managed to close with weekly marginal gains. Market breadth indicating the overall health of the market was quite strong. IT, Auto, Oil and specific mid cap stocks led the rally as mid cap indices outperformed the benchmark indices.

In overseas stock markets, Asian and European stocks edged higher after the European Central Bank (ECB) signaled its readiness to expand its ongoing bond-buying program. US stocks also surged on economic data, better-than-expected earnings and dovish comments from Draghi. US Federal Reserve's two-day meeting for deliberating on interest rate decision is scheduled on 27 and 28 October 2015. Bank of Japan's (BoJ) meeting on interest rate decision will be held on Friday, 30 October 2015.

Macroeconomic data, trend in global markets, investment by foreign institutional investors (FIIs), the movement of rupee against the dollar and crude oil price movement and upcoming quarterly results of companies like TVS Motor, Bharti Airtel, Lupin, Maruti Suzuki, Axis Bank, Ambuja Cement, Yes Bank, Kotak Bank, Drreddy, LT, ITC, ICICI Bank etc. will dictate trend of the market in near term.

Nifty October Future gave closing at 8308.45 with weekly marginal gains of 49.00 points.

Technically, NIFTY future on daily chart is looking bullish. NIFTY future has crossed its important resistance level of 8250. On Weekly charts, NIFTY is forming a Falling Channel, the upper trend line of which is around 8400. Thus, in near future it may test the resistance level of 8400, which is also its 200-day moving average. NIFTY has given weekly close above 8300. If it breaches this level, it may show correction below this level, on the downside immediate support level is at 8200 and on upside immediate resistance is at 8400 levels.

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