During the week gone by Indian benchmark indices witnessed high volatility as the Nifty traded in a range of about 143 points. The week started on a soft note and traded in a very tight range, volatility mounted on Tuesday as uncertainty over geopolitical tensions send tremors in the markets. On Wednesday, Nifty touched low of 9075.15 and on Thursday recovery was seen in the markets, however, on Friday Nifty ended with marginally losses. On Weekly basis Nifty ended with losses of 0.34%. During the week index pivotal like TCS, HDFC Bank, Yes Bank, ACC and IndusInd Bank report their earnings for quarter ending March, 2017. As of now the earnings have been a mixed bag. In the coming week investors will be eyeing results of Axis Bank, Ultracement, Biocon, Kotak Mahindra Bank, Maruti Suzuki, Reliance Industries etc. Results will play a crucial role as a good set of numbers will lift the market sentiments, whereas disappointing results could drag the market lowers. During the coming week we have Future and Options expiry for April series. Another event which investors will be keeping their eyes on will be the meeting of finance ministers and central bank governors of the G-20 nations.
Technical View: Nifty has witnessed a strong up-trend from the lower levels of 7893.80. After a robust rally the Nifty on the weekly time scale has made a three consecutive weeks of lower highs and lower lows. The downward correction in the Nifty for the past three weeks seems to be a routine correction after a strong uptrend and at this moment the primary trend remains in the favor of the bulls. Nifty has formed a high wave type of candle, which indicates confusion among the market participants. Now going forward the level of 8950-9000 is a strong support for Nifty and on the upside the zone of 9200-9220 is likely to act as a strong resistance for the Nifty. However, Nifty needs close above levels of 9220 to open up for fresh leg of up-move.