Market Outlook:

On the weekly chart NIFTY has created a “doji” which is suggestive of indecisive trend as market participant continues to remain away. During the week major positive news were cool off in inflation figure which came at 12.34% against previous week’s 12.40% while CRUDE drifted closer to $105/barrel. Volumes too have improved in past two weeks with positive market breadth during most of the trading sessions. As mentioned in earlier week it is clearly seen that NIFTY continues to face stiff hurdle around 4600 levels while on lower side support continues to exists  around 4220 levels. We continue with our past two week’s view that, price move are still suggestive of NIFTY consolidating between levels of 4000~4600 (600 points range) while volume trend in particular is suggestive of sell-off exhaustion.

Weak global markets and political uncertainty may keep UP Move in check. All in all, levels of 4220 and then 4000 on weekly charts will continue to act as a strong support while on higher side levels of 4420 and then levels of 4600 will act as strong hurdle going forward.

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