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WEEK GONE BY

* Benchmark Index traded on a positive note during the last week before closing with 2.64% gain at 17813 level. Banking index outperformed the benchmark index as it closed with 6.36% gain at 37740 level

* Among the Nifty constituents, GRASIM and ONGC closed with 10.81% and 10.29% gains while TECHM and DRREDDY were the laggards as they closed with 4.84% and 4.05% cut respectively. Among the Bank nifty constituents, AXISBANK outperformed the Banking index as it closed with 7.67% gain

* Among sectors, BANKNIFTY and PSUBANK indices performed better as they closed the week with 6.36% and 5.66% gains while PHARMA and IT indices were the lagged as they closed with 2.56% and 1.45% cut respectively.

* Volatility index (India VIX) closed with 8.51% gain at 17.60 level

* Both FII and DII were net buyers during the week as they bought equities worth 1083 Cr and 3293 Cr respectively in the cash segment

* Globally, Equity markets traded mixed during the week as US market (DJIA) closed with 0.3% cut while European market (DAX) closed with 0.4% gain.

Derivatives

* Derivatives data for Nifty suggest max OI addition at 18300 call and 16800 put side with max OI at 18000 call and 17500 put (13 Jan expiry). Nifty cumulative PCR closed at 1.26 for Jan 07.

* Derivatives data for Banknifty suggest max OI addition at 38000 call and 38000 put with max OI at 38000 call and 36000 put (13 Jan expiry). Banknifty cumulative PCR closed at 0.83 for Jan 07

TECHNICAL OUTLOOK

NIFTY (WEEKLY)

* Benchmark index continued its upside last week and closed above previous swing momentum from high with bullish candlestick formation.

* Index is likely to trade with positive bias for the coming week and any retracement towards 17600 – 17500 level should be taken as buying opportunity.

* Benchmark Index has support at 17,600 – 17,400 and resistance at 18,150 – 18,300 level

BANKNIFTY (WEEKLY)

* Banking index witnessed sharp recovery from the lower levels and has outperformed other indices. Banknifty has also closed above previous swing high with bullish candlestick formation.

* Index is likely to trade in line with Benchmark index however, volatility is likely to remain intact for the coming week.

* Banking index has support at 37,200 – 36,700 and resistance at 38,500 – 39,000 level

FINNIFTY (WEEKLY)

* FINNIFTY index traded on a positive note and closed with bullish candlestick formation.

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

* FINNIFTY has support at 17,900 – 17,700 level and resistance at 18,600 – 18,800 level

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