Nifty next week

Nifty is near very crucial point as per Ichimoku Cloud and big move is round the corner. Also 20/50 SMA are converging any break above 8310 can see explosive move on upside and break of 8214 can see move below 8174/8120. Nifty gave the explosive move today and closed above the resistance of 8310 and 61.8% retracement of 8374. 8288/8300 is good support zone and dips near this shall we bought into.

FIIs are back from holidays and we can expect a bull run in the market. CAD deficit of current financial year target is expected to acheive 99%. It is a good indicator of sound economic background which can support the growth. PM has announced that he will not interfere in banking system which sounds positive for the economy since political pressure was behind the kingfisher loans.

Next week the biggest movers could be private banks. Axis bank may test 525.00, Public sector banks are also in the hot list. Spectrum pricing and can bring up buying interest in telecom stocks.