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WEEK GONE BY

* Benchmark Index traded on a negative note during the last week before closing with 3.00% cut at 16,985 level. Banking index underperformed the benchmark index as it closed with 4.00% cut at 35,619 level

* Among the Nifty constituents, WIPRO and POWERGRID closed with 5.10% and 3.60% gains while ITC and HDFC were the laggards as they closed with 7.70% and 6.80% cut respectively. Among the Bank nifty constituents, SBIN underperformed the Banking index as it closed with 5.44% cut

* Among sectors, IT index performed better as it closed the week with 1.97% gain while REALTY and MEDIA indices lagged as they closed with 8.37% and 7.95% cut respectively.

* Volatility index (India VIX) closed with 1.74% gain at 16.34 level

* FII were net sellers during the week as they sold equities worth 10452 Cr while DII were net buyers during the week as they bought equities worth 6341 Cr in the cash segment

* Globally, Equity markets closed lower during the week as US market (DJIA) closed with 1.7% cut and European market (DAX) closed with 0.6% cut

Derivatives

* Derivatives data for Nifty suggest max OI addition at 18000 call and 17000 put side with max OI at 18000 call and 17000 put (23 Dec expiry). Nifty cumulative PCR closed at 0.80 for Dec 17.

* Derivatives data for Banknifty suggest max OI addition at 36000 strike both on call and put side with max OI at 37000 call and 36000 put (23 Dec expiry). Banknifty cumulative PCR closed at 0.54 for Dec 17.

TECHNICAL OUTLOOK

NIFTY (WEEKLY)

* Benchmark index traded on a negative note during the last week and closed with Bearish candlestick formation, engulfing previous two weekly candles.

* Global cues are likely to influence Indian equities. Nifty has crucial support around 16800 level, sustenance below these levels can trigger further fall up to 16500 levels.

* Benchmark Index has support at 16,800 – 16,500 and resistance at 17,300 – 17,500 level

BANKNIFTY (WEEKLY)

* Banking index traded volatile and closed on a negative note forming Bearish engulfing candlestick formation

* Similar to Nifty, Banking Index is near to its crucial immediate support level around 35300; if it sustains below this level then we may see further fall till 34500-34400 levels.

* Banking index has support at 34,900 – 34,400 and resistance at 36,500 – 36,900 level

FINNIFTY (WEEKLY)

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

* Index is likely to trade in line with the Banking index

* FINNIFTY has support at 16,900 – 16,700 level and resistance at 17,700 – 17,900 level.

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