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WEEK GONE BY

* Benchmark Index opened on a positive note and traded volatile before closing with 0.26% gain at 17,369 level. Banking index slightly underperformed the benchmark index as it closed with 0.21% cut at 36,683 level

* Among the Nifty constituents, GRASIM and BHARTIARTL closed with 5.83% and 4.26% gains while SBILIFE and DIVISLAB lagged as they closed with 5.71% and 2.94% cut respectively. Among the Bank nifty constituents, KOTAKBANK outperformed the Banking index as it closed with 1.45% gain

* Among sectors, MEDIA and MNC index performed better as they closed the week with 3.72% and 1.12% gains while PHARMA and IT were the laggard as they closed with 1.08% and 0.26% cut respectively.

* Volatility index (India VIX) closed with 4.13% cut and closed at 13.94 level

* FII were net sellers during the week as they sold equities worth 1114 Cr while DII were net buyers during the week as they bought equities worth 1116 Cr in the cash segment

* Globally, Equity markets closed lower during the week as US market (DJIA) and European market (DAX) closed with 2.15% and 1.09% cuts, respectively.

Derivatives

* Derivatives data for Nifty suggest max OI addition at 18000 call and 16500 put side with max OI at 18000 call and 16500 put (16 Sep expiry). Nifty cumulative PCR closed at 1.45 for Sep 09.

* Derivatives data for Banknifty suggest max OI addition at 39000 call and 34000 put with max OI at 37500 call and 36000 put (16 Sep expiry). Banknifty cumulative PCR closed at 0.93 for Sep 09. 

TECHNICAL OUTLOOK

Nifty (Weekly)

* Benchmark index opened on a positive note and traded volatile during the last week before closing with Doji candlestick formation.

* Index is likely to trade rangebound in the coming week and price sustainability above immediate resistance of 17500 level will provide further momentum.

* Benchmark Index has support at 17150 - 17000 and resistance at 17500 - 17650 level

Banknifty (Weekly)

* Banking index traded volatile and closed with minor losses with long bottom shadow.

* Index is likely to trade range bound in the coming week

* Banking index has support at 36000 - 35700 and resistance at 37200 – 37500 level

Finnifty (Weekly)

* FINNIFTY index traded volatile and closed with long bottom shadow.

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

* FINNIFTY has support at 17900 - 17700 level and resistance at 18400 - 18550 level.

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