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Nifty may show further downside movement

By Mr. Vivek Gupta, CMT – Director Research, CapitalVia Global Research New Delhi: Last week  50 Shares Index Nifty futures gave gap down opening  and it extended its earlier losses. Later on Nifty futures tested its major support of 7860  and bounced from its  psychological support of 7850. Towards the end of the weekly trading session, Nifty October Futures experienced a downwards swing amid global cues, strong Q2 results of Infosys helped to minimise the losses. Crude oil prices continue to be at lower levels because of which Oil stocks rallied, Paints & Tyres stocks also out performed on decline in crude prices. For the coming week market may take cues from CPI numbers, to be declared on Monday, October 14 and Whole Sale Price Index  scheduled on Tuesday, October 14. Over all breadth of the market is weak. Currently Nifty futures is sustaining above the major support mark of 7850 if it breaches this support it may show further downside movement till the levels of 7705.  Resistance for the Nifty Futures is at 8015 and 8085.

About Sanjay Trivedi

Sanjay Trivedi is honorary editor of Asia Times. He is senior Indian Journalist having vast experience of 25 years. He worked in Janmabhoomi, Vyapar, Divya Bhaskar etc. newspapers and TV9 Channel as well as www.news4education.com. He also served as Media Officer in Gujarat Technological University.

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