Risk abhorrence worldwide market depends on FIIs, crude oil prices movement : CapitalVia Global Research

Risk abhorrence worldwide market depends on FIIs, crude oil prices movement : CapitalVia Global Research
Highlights

Nifty future managed to close on a positive note as high volatility was witnessed during the week. Market breadth indicating that overall health of the market was mixed as buying was seen in PSU banks, auto, metals and select mid cap stocks and selling was seen in specifically in oil sector.

Nifty future managed to close on a positive note as high volatility was witnessed during the week. Market breadth indicating that overall health of the market was mixed as buying was seen in PSU banks, auto, metals and select mid-cap stocks and selling was seen in specifically in the oil sector.

The two important events scheduled during the week are Railway Budget for 2016-17 on Thursday, 25 February 2016 and Economic Survey for 2015-16 on Friday, 26 February 2016.

The market may remain volatile as near month February 2015 derivative contracts expires on Thursday, 25th February 2015. Risk abhorrence worldwide as the developed world is moving towards undesirable interest rates and that reflects a possibility of deflation around the globe. Coming week market movement depend on Macroeconomic data, trend in global markets, investment by foreign institutional investors (FIIs), movement of crude oil prices will dictate trend of the market in near term.

Nifty Future gave weekly closing at 7205 with weekly gains of 215 points.
Technically, in daily charts short term trend of Nifty Future is up as it has given weekly close above its important support level of 7200 making higher lows and it has given a positive weekly close making a bullish reversal candlestick pattern called harami. Thus, in near future if it gives a bullish confirmation, it may test the levels of 7400 which is its important resistance level; on downside immediate support level is at 7050 levels.

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