Nifty futures gained marginally in the early trade, to 18,157.50 points, rising 13 points on Monday. BSE Sensex and Nifty 50 were likely to witness a cautious start on the first day of the week. Market participants will closely track the ongoing quarterly earnings, oil prices, rupee movement against the US dollar, foreign fund flow, and other global cues. Moreover, benchmark indices may also witness volatility this week amid derivatives expiry. “On weekly charts benchmark Nifty has formed a bearish candle which supports temporary weakness, although the medium-term structure is still positive. We are of the view that for positional traders 20 days SMA or 17950 would be the key support level. On the flip side, 18300 and 18425 may act as a decisive resistance level. For day traders, 18050 would be the sacrosanct support level and above the same, a pullback rally could be seen up to 18300-18350 levels,” Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities, said.
Source: Financial Express