Nifty is likely to continue its uptrend
By Mr. Vivek Gupta [CMT – Director Research, CapitalVia Global Research]
New Delhi: From start of the week Nifty Future was trading in range bound movement due to festive season for FIIs, but extended gains on the last day of the week, getting help from factors like banking stocks gaining across the board specially private banks hitting fresh highs like Axis bank, Yes bank, Indusind bank and cement sector were in demand following government thrust on infra sector and mid cap stocks also rallied.
In the foreign exchange market, the rupee edged lower against the dollar on broad strength for the dollar. Brent crude futures edged higher supported by a larger-than-expected fall in weekly US crude stocks. Movement of index in near term will be consistently remains on further reform initiatives to be taken by the government.
Nifty December Future gave closing at 8468 with the weekly gains of 194.25 points. In near term Nifty is likely to continue its uptrend as overall breadth of the market was positive having resistance around the levels of 8540 on the upside while having immediate support around the level of 8350.
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