Last week, the market closed down by around 1.31 per cent due to global cues, especially Chinese economic data. Chinese quarterly data on exports was much below street expectations, exports lowered by around 10 per cent kept and kept the global market jittery. Nifty closed below 8600 at 8583. It has support at 8536 and 8500. Resistances for Nifty are at 8670 and 8721. It is prudent to have small trading positions due to global volatility. The US election, Indo-Pak and North Korea-US tensions, the weakening of the pound against the dollar is also cause for concern, ahead of BREXIT.

The market may move on stock specific mode, due to quarterly earnings season. IT sector stocks may remain sideways to positive, Pharma sector will continue to remain lacklustre. ULTRATECH Cement and ACC quarterly earnings will give direction to cement stocks. Metal and FMCG stocks may remain weak after Unilever Plc disappointing quarterly earnings. Automobile, oil producers and consumer durable stocks may gain further momentum next week.