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WEEK GONE BY

* Benchmark Index traded on a negative note for the week gone by before closing with 4.16% cut at 17,026 level. Banking index underperformed the benchmark index as it closed with 5.13% cut at 36,026 level

* Among the Nifty constituents, CIPLA and POWERGRID closed with 8.40% and 5.00% gains while MARUTI and BAJFINANCE underperformed as they closed with 11.65% and 9.06% cut respectively. Among the Bank nifty constituents, INDUSINDBK underperformed the Banking index as it closed with 10.52% cut

* Among sectors, PHARMA index performed slightly better as it closed the week with 2.34% gain while AUTO and PSUBANK were the laggards as they closed with 8.40% and 6.50% cut respectively.

* Volatility index (India VIX) closed with 40% gain at 20.80 level

* FII were net sellers during the week as they sold equities worth 21125 Cr while DII were net buyers during the week as they bought equities worth 10935 Cr in the cash segment

* Globally, Equity markets closed with sharp cuts during the week as US market (DJIA) and European market (DAX) closed with 2.0% and 5.6% cut respectively.

Derivatives

* Derivatives data for Nifty suggest max OI addition at 17300 call and 16000 put side with max OI at 17500 call and 17000 put (02 Dec expiry). Nifty cumulative PCR closed at 0.73 for Nov 26.

* Derivatives data for Banknifty suggest max OI addition at 37000 call and 35000 put with max OI at 37000 call and 35000 put (02 Dec expiry). Banknifty cumulative PCR closed at 0.54 for Nov 26.

TECHNICAL OUTLOOK

NIFTY (WEEKLY)

* Benchmark index traded with negative price action during the last week and closed with Marubozu candlestick formation

* Index is likely to trade with high volatility in the upcoming week given the turbulence in the global equities. Index has an immediate support in the zone of 16800-16700, breakdown below these levels can trigger further sell-off till 16500-16300 levels.

* Benchmark Index has support at 16,500 – 16,300 and resistance at 17,350 – 17,600 level.

BANKNIFTY (WEEKLY)

* Banking index traded on negative note and closed with bearish candlestick formation during the last week.

* Similar to the Benchmark Nifty Index, Bank Nifty is likely to trade with elevated volatility.

* Banking index has support at 34,800 – 34,200 and resistance at 36,900 – 37,500 level.

FINNIFTY (WEEKLY)

* FINNIFTY index traded with negative price action and closed with bearish candlestick formation.

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

* FINNIFTY has support at 17,000 – 16,700 level and resistance at 18,050 – 18,300 level.

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