What a volatile week for Indian equities market and was seen tough fight between bulls and bears
On Monday, NF was fell more than 1.6% and rest of days tried to recover these loss finally Sensex was down 0.8% while Nifty50 fell 0.2% for the week ended April 9
Benchmark indices remained very volatile despite a RBI policy and rise in Covid-19 cases in India
But, Rally was seen Midcap and Small-cap 1.2% and 2.4% gain recorded in the last week
The real action was seen Metal, IT and Pharma while selling pressure visible in Banking
FIIs net sold 1536 crore in cash segment while DIIs net bought 1129 crore in April month so far. But both are not participate in aggressively
On coming week will be dominated by March quarter results from top IT company as well as macro data
First focus TCS earnings report on April 12, INFY on April 14, Wipro and Mindtree on April 15 and HDFCBank will be declaring earning report on April 17
On 12th April will watch out for IIP for Feb and Inflation data and followed by 14th April watch-out for WPI inflation
But, India worried about rising of Covid-19 virus infections and cases hits record in everyday. Many of the states announced nigh curfew
On global side, US will be declaring CPI data on April 13, Initial Jobless and IIP on April 15
On global side upcoming earnings reports Jpmorgan, Goldman Sachs on April 14, Bank of America on April 15 and Morgan Stanly on April 16
On April 13 OPEC monthly oil markets report is published and demand forcasts and production estimates
NiftyFuture weekly trend decider for April 3rd week 14700 and 15080
NiftyFuture was formed a Doji kind of pattern on the weekly scale which was indicating sell on rise and buy on lower levels
However, NiftyFuture is facing a weekly resistance around 15040-15085, Once if breaks and manages above the levels will try to move 15180 and 15350.
But, Chances are very remote only.
NF can be considered as weekly support as 14700. If breaks and holds below the level bears will be dominating up to 14610 and 14500
But…. Don’t short at very lower levels because NF was bounced more than 4-5 times at lower levels
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Updated: 08.52 pm / 10th April 2021
