News

India market forecast

by By Vivek Gupta, CMT – Director Research, CapitalVia Global Research Limited 09 Jan 2015, 05:31 am

Nifty Future opened on a flat note but tumbled from there on to hit its lowest closing level in almost three weeks due to steep slide in global crude oil prices stoked fears about deflation and as the prospect of Greece dropping the euro weighed on global equity markets but in later part of the week witnessed recovery from the lower levels and extended gains on the last day of the week getting help from factors like IT major and index heavyweight Infosys led a rebound, Hindustan Unilever scaled record high, buying seen in pharma sector from the lower levels.

In overseas markets, global markets edged higher on expectations that pessimistic euro zone data could prompt the European Central Bank (ECB) to implement more aggressive stimulus measures. Brent crude futures recovered from the lowest level since April 2009 as investors weighed whether crude's selloff was excessive amid signs of improving demand in the US

Movement of index in near term will be consistently remains on further reform initiatives to be taken by the government and in upcoming session traders should keep an eye on IIP, CPI and WPI numbers will be declared in next week. Also watch the Q3 results of large cap companies like LIC, TCS, Reliance, Wipro etc.

Nifty January Future gave closing at 8311.60 with the weekly loss of 146.80 points.

In near term Nifty is likely to remain volatile as overall breadth of the market was negative having resistance around the levels of 8370 on the upside while having immediate support around the level of 8200.