In overseas markets, European stocks reversed its gains after Switzerland's central bank the Swiss National Bank shocked global markets by ditching its currency ceiling against the euro and cutting its deposit rate to negative 0.75. In the foreign exchange market, the rupee strengthened past 62 against the dollar after the Reserve Bank of India's (RBI) surprise announcement of a cut in its main lending rate.

Movement of index in near term will be consistently remains on further reform initiatives to be taken by the government and also depend on Q3 results of large cap companies like ITC, HUL, Colgate, Ultratech Cements etc.

Nifty January Future gave closing at 8536 with the weekly gain of 220.50 points. In near term Nifty likely to remain volatile but is expected to continue its uptrend as overall breadth of the market was positive having resistance around the levels of 8670 on the upside while having immediate support around the level of 8370.