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WEEK GONE BY

* Benchmark Index opened gap up and traded higher before closing with 3.71% gain at 17,324 level. Banking index performed in line with the benchmark index as it closed with 3.18% gain at 36,761 level

* Among the Nifty constituents, SHREECEM and TITAN closed with 13.18% and 10.75% gains while M&M and INFY lagged as they closed with 3.23% and 0.47% cut respectively. Among the Bank nifty constituents, AXISBANK outperformed the Banking index as it closed with 6.18% gain

* Among sectors, REALTY and ENERGY index performed better as they closed the week with 10.76% and 4.97% gains respectively

* Volatility index (India VIX) closed with 8.43% gain and closed at 14.54 level

* FII were net buyers during the week as they bought equities worth 6868 Cr while DII were net sellers during the week as they sold equities worth 2023 Cr in the cash segment

* Globally, Equity markets closed lower during the week as US market (DJIA) and European market (DAX) closed with 0.24% and 0.45% cuts, respectively.

Derivatives

* Derivatives data for Nifty suggest max OI addition at 18000 call and 17300 put side with max OI at 18000 call and 17000 put (09 Sep expiry). Nifty cumulative PCR closed at 1.35 for Sep 03.

* Derivatives data for Banknifty suggest max OI addition at 37000 call and 37000 put with max OI at 37000 call and 36000 put (09 Sep expiry). Banknifty cumulative PCR closed at 0.80 for Sep 03.

TECHNICAL OUTLOOK

Nifty (Weekly)

* Benchmark index closed on a positive note for the week gone by and closed with strong bullish candlestick formation.

* Index is likely to trade with positive bias However pullback can’t be ruled out from higher level as index is in overbought zone.

* Benchmark Index has support at 17000 - 16800 and resistance at 17600 - 17800 level

Banknifty (Weekly)

* Banking index traded on a positive note and closed with Bullish candlestick formation above consolidation pattern. =

* Index is likely to trade with positive bias however, price sustainability above immediate resistance of 37,150 level will provide momentum for further upside.

* Banking index has support at 36200 - 35700 and resistance at 37150 – 37500 level

Finnifty (Weekly)

* FINNIFTY index traded on a positive note and closed with Bullish candlestick formation above previous swing high.

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

* FINNIFTY has support at 17800 - 17600 level and resistance at 18300 - 18500 level.

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