Nifty Future gave gap up opening this week ,it hit high of 7984.50 since wholesale prices fell for a 17th straight month in March, declining by an annual 0.85 percent. It traded in tight range between 7985 and 7850,thus formed a doji candlestick pattern on weekly charts, indicating indecisiveness among traders, Overall health of market was indicating that bulls were taking control over bears for the short term up trend of index. Nifty Future given closing at 7915.10 with the marginal gain of 47.25 points.

Trend in global market, investment by FII and DII , movement of rupee against dollar and crude oil price movement will dictate trend in near term. Market may remain volatile ahead of expiry of derivative contracts as traders may roll over their position from near to next month contracts. Stock specific movement can be observed as India bulls Housing Finance, India bulls real estate, ACC, ICICI Bank, Axis Bank, Yes Bank etc. will declare their quarter four numbers in upcoming week.

Technically, Nifty future has sustained above its 200 days moving average this week which is lying near the level of 7870 and is facing strong resistance at the level of 8000. Any fall below the 7850 support mark can result in some correction in index till the next support level of 7790, while with the crossing of major resistance of 8000, it may test the level of 8150.
By Rohit Gadia, Founder & CEO, CapitalVia Global Research Ltd.