Nifty Future throughout the week traded in broad range as high volatility was witnessed during the intraday trades, overshadowing the positive inflation data of CPI and WPI. The market breadth indicating the overall health of the market was positive. Small-Cap stocks were in demand.

In overseas markets, European stocks edged higher after overnight rally on Wall Street and further signs that stability was returning to bond markets after a recent rout. Asian stocks were mixed. US stocks also edged higher with the S&P 500 index ringing up a new closing high.

Movement of index in near term will depend on further reforms initiatives to be taken by the government and upcoming fourth quarter results of large cap companies like SBI, ITC, Asian Paints, Colgate, Bajaj Auto, Tata Steel, Bharat Forge etc. to be announced next week.

Nifty May Future gave closing at 8260 with weekly marginal gains of 49.45 points. Technically, Nifty Future is trading in a broad range of 8000 – 8370 levels taking support of its important psychological level of 8000. Short term trend remains sideways until index moves and closes above resistance level of 8370. Deeper corrections can be seen till 8000 – 7800 levels if index break below its immediate support level of 8150.