Nifty: Macro data announcement; earnings from IT companies & global cues to dictate market moves!

On Friday, Nifty opened the session lower and went on to touch an intraday low of 15,632.75. Thereafter, it rebounded and moved past the neutral line to hit a high of 15,730.85. However, it failed to sustain at higher levels and closed near its opening level. For the week, Nifty ended down by 0.2 per cent.  

Nifty formed a Doji like candlestick pattern on the daily chart as its closing was near its opening level while on the weekly chart, it formed a small-bodied bear candle, which has an upper shadow.   

Nifty has got stuck in a broad range of 15,450-15,915 level from the last 28 trading sessions. Within this broad range, there is another range that developed in the last 14 trading sessions, where the index has been witnessed moving in the range of 15,632-15,915.   

On Friday, Nifty took support around its preceding corrective swing low of 15,635, which also happens to be the lower band of Bollinger band.

Going ahead, the level of 15,630 on the downside and the level of 15,915 (on the upside) is crucial to watch as a decisive break on either side of range would result into a swift 150-200 points move.    

In the coming week, a host of macroeconomic data announcements is scheduled while IT companies like Infosys & Wipro will announce their quarterly earnings. Hence, the outcome of these events is likely to dictate the movements of markets in the near term.