IGI Logo

WEEK GONE BY

* Benchmark Index traded volatile before closing with 0.42% cut at 15856 level. Banking index underperformed the benchmark index as it closed with 2% cut at 35034 level

* Among the Nifty constituents, NESTLEIND and ICICIBANK closed with 2.78% and 2.48% gains respectively while HDFCBANK and HDFCLIFE lagged as they closed with 5.21% and 4.68% cut. Among the Bank nifty constituents, ICICIBANK outperformed the Banking index as it closed with 2.48% gain

* Among sectors, IT and FMCG index performed better as they closed the week with 1.68% and 0.84% gains while AUTO and PSUBANK index were the laggard as they closed with 2.18% and 1.42% cut respectively

* Volatility index (India VIX) closed with 0.43% gain and closed at 11.76 level

* FII were net sellers during the week as they sold equities worth 5445 Cr while DII were net buyers during the week as they bought equities worth 5051 Cr in the cash segment

* Globally, Equity markets closed higher during the week as US market (DJIA) and European market (DAX) closed with 1.08% and 0.83% gains, respectively.

Derivatives.

* Derivatives data for Nifty suggest max OI addition at 16000 call and 15800 put side with max OI at 16000 call and 15000 put (29 Jul expiry). Nifty cumulative PCR closed at 1.15 for Jul 23.

* Derivatives data for Banknifty suggest max OI addition at 35100 call and 34800 put with max OI at 35000 call and 35000 put (29 Jul expiry). Banknifty cumulative PCR closed at 0.93 for Jul 23.

TECHNICAL OUTLOOK

Nifty (Weekly)

* Benchmark index traded volatile however, it managed to recover from lows and closed with mild bullish candlestick formation.

* Index is likely to trade within a broad range and will gain upside momentum if price sustains above immediate resistance level of 16000.

* Benchmark Index has support at 15550 - 15350 and resistance at 16000 - 16300 level

Banknifty (Weekly)

* Banking index traded volatile and closed with Doji candlestick formation with long lower shadow.

* Index is likely to trade volatile in a broad range. Banknifty will take further cues from quarterly results of key constituents this week.

* Banking index has support at 34300 - 33800 and resistance at 36000 - 36500 level

Finnifty (Weekly)

* FINNIFTY index traded within a broad range and closed with Doji candlestick formation.

* Index is likely to trade in line with the Bank Nifty with volatile price action.

* FINNIFTY has support at 16200 - 16000 level and resistance at 17000 - 17300 level.

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at  https://www.mnclgroup.com/disclaimer

SEBI Registration Number : INZ000043833

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaime