Nifty Future after hitting all time high of 8668 last week saw some mild corrections and consolidating in a small range, but as overall breadth of the market is positive, broad based buying was seen across the board specifically led by Bank stocks edged higher on renewed buying as the Reserve Bank of India (RBI) Governor Raghuram Rajan after RBI’s monetary policy review early this week indicated that monetary policy easing is likely early next year, including outside the policy review cycle, provided the current inflation momentum and changes in inflationary expectations continue and if fiscal developments are encouraging, Axis Bank, Yes Bank and heavyweight and cigarette major ITC scaled record highs and mid cap index made at all time high.

Movement of index in near term will on consistently remain on further reform initiatives to be taken in the ongoing winter session, IIP, CPI & WPI data expected to be announced next week on Friday.

Nifty December Future gave closing at 8572 with the weekly marginal decline of 66.35 points. In near term Nifty is likely to continue its uptrend with overall breadth of the market is positive and having resistance around the levels of 8750 on the upside having immediate support around the level of 8500.