Nifty started the week with an uptick following the mete department’s outlook of above the average rainfall, which boosted up the market sentiment. However failed to gain momentum due to profit booking at higher level and ended the week nearly flat at 8342.50 with a net loss of 13 points on weekly basis.

Market movement next week will depend on quarterly result delivered by the various company, movement of rupee and how oil price behave in global market. Domestically GST is likely to pass in the monsoon parliamentary session, speculation on it could be sentiment driver for the market. Along with this FII and DII trading activities is going to be key. Among economic data, Industrial Production growth on year on year is scheduled to release along with WPI inflation which is likely to play key role to increase volatility in the market.

Technically the way market is holding above the 8300 level and buyers is taking any short term correction as opportunity to enter into the market, its seems sentiment is extremely bullish. We expect this market has potential to move further high once it will overcome the supply around 8380-8400 level. Momentum indicator is in favor of continuation of the present trend as no divergence is still visible. On the downside 8150 is likely to offer support in medium term.