The Nifty closed positively on Friday and is likely to increase

People line up to receive food and water during Hurricane and Tropical Storm Harvey in Houston PicGetty ImagesAFPNifty closed positively on Friday at 997440 This figure is likely to move up towards 10000 and 10065 Extreme short term technical indicators and VIX suggest an uptrend in the market Recently Indiarsquos GDP numbers were out and they were below market estimates India attained a GDP growth of 57 per cent which is the lowest since the past 13 quarters but the market ignored the numbers and moved up This was because of easing tensions between China and India Nifty has strong support at 9885 and 9739Stock talkNifty Pharma Energy Auto and FMCG stocks will support markets Selling may continue in the IT and PSU Banks sector PSU Banking sector stocks will under perform in the short term whereas private sector banks will continue an upsurge The Pharma sector was under heavy selloff in the past few weeks and is likely to move up towards 9351 Frontline Pharma stocks can be bought at every declineThe next sector which can give firm support to the market is the auto sector The auto sector shows minor reversal trends and one can also accumulate stocks The auto index has a short term target at 11176Uptrend bendThe US markets are also showing an uptrend despite the devastation of tropical Storm Harvey According to estimates nearly 160 billion loss has been incurred SampP 500 VIX sharply declined towards 1031 per cent last week and suggests further uptrend is on the cardsData dueA lot of macroeconomic data is due Some of this is US exports July US imports July US market Composite PMI Final US Markit Service PMI Final US ISM Non Manufacturing Business Activity US Non Farm Productivity QoQ and US Whole Sale Inventories MoM From the Euro Zone Unemployment change Consumer Confidence Industrial Production MoM Retail Sales GDP Growth Rate Balance of Trade Unemployment Rate Inflation Rate and ECB interest Rate decision Nikkei Service PMI and Foreign Exchange Return is due from India The quarterly earnings season is likely to come to an end very soon Companies like Aegis Logistics TCIIND TN PETRO Butterfly DCM Hitech Gear Jayashree Tea and Hotel Leela will be out with their numbersStorm effectsCrude is slightly positive and has resistance at 4817 and 4973 per barrel Tropical storm Harvey crossed the Gulf of Mexico which caused closure of nearly a quarter of US refineries Many refineries have restarted though and these can cause minor volatility to crude oil futuresGolden eyeGold is positive but slightly overbought Gold prices climbed to a one year high on Friday after US unemployment data ticked up to 44 per cent this month from 43 per cent in July which lowered the chance of a possible rate hike in US in the near term The weak dollar and growing geopolitical tension will keep gold price firm in the coming days Gold will face resistance at 1340 and 1366 per troy ounce and it has support at 1320 and 1311 per troy ounceAlex K Mathews is the founder of wwwthedailybrunchcom