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WEEK GONE BY

* Benchmark Index traded on a positive note for the week gone by before closing with 1.83% gain at 17,511 level. Banking index outperformed the benchmark index as it closed with 2.51% gain at 37,106 level

* Among the Nifty constituents, ITC and ASIANPAINT closed with 6.52% and 5.56% gains while DIVISLAB and IOC underperformed as they closed with 5.27% and 1.76% cut respectively. Among the Bank nifty constituents, ICICIBANK outperformed the Banking index as it closed with 5.82% gain

* Among sectors, MEDIA and PSUBANK index performed better as they closed the week with 9.13% and 6.18% gains respectively.

* Volatility index (India VIX) closed with 13.00% cut at 16.06 level

* FII were net sellers during the week as they sold equities worth 9203 Cr while DII were net buyers during the week as they bought equities worth 7212 Cr in the cash segment

* Globally, Equity markets witnessed sharp gains during the week as US market (DJIA) and European market (DAX) closed with 4.0% and 3.0% gains respectively

Derivatives

* Derivatives data for Nifty suggest max OI addition at 18000 call and 17400 put side with max OI at 18000 call and 17400 put (16 Dec expiry). Nifty cumulative PCR closed at 1.28 for Dec 10.

* Derivatives data for Banknifty suggest max OI addition at 38000 call and 37000 put with max OI at 37500 call and 34000 put (16 Dec expiry). Banknifty cumulative PCR closed at 0.91 for Dec 10.

TECHNICAL OUTLOOK

NIFTY (WEEKLY)

* Benchmark index made a strong recovery from the lows of 16892 touched on last Monday to close near week’s high.

* Nifty can register more gains if it is able to sustain above the critical resistance zone of 17600 -17650. Markets will also get support from easing of concerns globally, over new coronavirus variant.

* Benchmark Index has support at 17,300 – 17,100 and resistance at 17,800 – 18,000 level.

BANKNIFTY (WEEKLY)

* Similar to Nifty, Banking index also recovered from the lows and closed with Bullish candlestick formation

* Overall, trade set up looks favourable for Bank Nifty to pile up more gains till 38000-38500 levels although one can’t rule out intermittent volatility because of global cues.

* Banking index has support at 36,500 – 36000 and resistance at 38000 – 38,500 level

FINNIFTY (WEEKLY)

* FINNIFTY index traded with positive price action and closed with Bullish candlestick formation.

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

* FINNIFTY has support at 17,850 – 17,600 level and resistance at 18,600 – 18,800 level.

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