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WEEK GONE BY

* Benchmark Index traded with negative bias during the previous week as it closed with 1.23% cut at 18269 level. Banking index lagged the benchmark index as it closed with 0.95% cut at 43220 level.

* Among the Nifty constituents, ONGC and INDUSINDBK outperformed the benchmark index as they closed with 4.6% and 2.2% gains while ASIANPAINT and TITAN underperformed as they closed with 5.3% and 5.1% cut respectively. Among the Bank nifty constituents, IDFCFIRSTB outperformed as it closed with 5.7% gain while BANKBARODA underperformed as it closed with 3.5% cut.

* Among sectors, PSUBANK outperformed the benchmark index during the previous week as it closed with 0.8% gain while MEDIA index was the laggard as it closed with 2.2% cut.

* Volatility index (India VIX) closed with 4.4% gain at 14.07 level.

* FII were net sellers during the week as they sold shares worth 1833 Cr while DII were net buyers during the week as they bought 3462 Cr in the cash segment.

* Globally, equity markets traded with negative bias during the week as US market (DJIA) and European market (DAX) closed with 1.66% and 3.32% cut respectively

Derivatives

* Derivatives data for Nifty suggest max OI addition at 18400 call and 18000 put side with max OI at 18600 call and 18000 put side (22Dec expiry). Nifty cumulative PCR closed at 0.81 for Dec16.

* Derivatives data for Banknifty suggest max OI addition at 43500 call and 43200 put side with max OI at 44000 call and 43000 put side (22Dec expiry). Banknifty cumulative PCR closed at 0.76 for Dec16.

TECHNICAL OUTLOOK

NIFTY

* Benchmark index witnessed sell-off in line with its global peers which also witnessed deeper cuts after the hawkish commentary made by US Fed Chairman post FOMC meeting on 14th Dec.

* Benchmark index is likely to consolidate and trade volatile in the coming week after pullback from the higher levels in the past two weeks.

* Benchmark Index has support at 18,100 – 18,000 level and resistance at 18,500 – 18,700 level.

BANK NIFTY

* Banking index traded in line with the benchmark index and closed with bearish shooting star candlestick formation.

* Banking index may underperform Nifty in the coming week after outperforming the benchmark index for considerable time.

* Banking index has support at 42,500 – 42,000 and resistance at 43,800-44,300 level.

FINNIFTY

* FINNIFTY index also witnessed profit booking at higher levels and closed with bearish shooting star candlestick formation.

* FINNIFTY is likely to trade in line with the Banking Index during the forthcoming week.

* FINNIFTY has support at 19,000 – 18,800 level and resistance at 19,550 – 19,750 level.

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