Nifty Future trimmed losses and edged higher after a sudden surge towards the latter part of the week as it hits eight weeks high. Late surge in nifty was aided from rally in global markets. Market breadth indicating the overall health of the market was quite strong. Auto, Capital goods, financial, specific mid cap stocks led the recovery in the indices.

In overseas stock markets, US and European stocks edged higher after a lackluster reading on US consumer prices strengthened the view that the US Federal Reserve may continue to hold off on raising interest rates during the remaining part of the calendar year 2015. In Asia, Chinese and Japan stocks edged higher on stimulus hopes in those countries in the wake of recent weak economic data.

Macroeconomic data, trend in global markets, investment by foreign institutional investors (FIIs), the movement of rupee against the dollar and crude oil price movement and upcoming quarterly results of companies like Ultratech cement, HCL Technologies, Heromoto Corp, ACC, IDEA, HDFC Bank, Bajaj Auto, Asian paints, etc. will dictate trend of the market in near term.

Nifty October Future gave closing at 8262.00 with weekly gains of 56.65 points.

Technically, Nifty future has closed above golden ratio of 61.80% which is at 8240 levels according to Fibonacci retracements but going ahead it is expected to face strong resistance around 8300 levels. On the upside, if it manages to sustain above its important resistance level of 8300 on closing basis, its next resistance is at 8500 levels and on the downside immediate support level is at 8100.