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WEEK GONE BY

* Benchmark Index traded rangebound in expiry week before closing with 0.59% cut at 15763 level. Banking index underperformed the benchmark index as it closed with 1.28% cut at 34584 level

* Among the Nifty constituents, HINDALCO and BAJAJFINSV outperformed benchmark index as they closed with 13.50% and 7.75% gains respectively while DRREDDY and MARUTI lagged as they closed with 13.10% and 4.30% cut. Among the Bank nifty constituents, AXISBANK underperformed the Banking index as it closed with 6.10% cut

* Among sectors, METAL and IT index performed better as they closed the week with 7.77% and 1.96% gains while ENERGY and FMCG index were the laggards as they closed with 2.92% and 1.38% cut respectively

* Volatility index (India VIX) closed with 8.84% gain and closed at 12.80 level

* FII were net sellers during the week as they sold equities worth 10825 Cr while DII were net buyers during the week as they bought equities worth 8206 Cr in the cash segment

* Globally, Equity markets closed lower during the week as both US market (DJIA) and European market (DAX) closed with 0.80% and 0.36% cut, respectively.

Derivatives.

* Derivatives data for Nifty suggest max OI addition at 15900 call and 15700 put side with max OI at 15900 call and 15700 put (05 Aug expiry). Nifty cumulative PCR closed at 1.09 for Jul 30.

* Derivatives data for Banknifty suggest max OI addition at 35000 call and 34500 put with max OI at 35000 call and 34500 put (05 Aug expiry). Banknifty cumulative PCR closed at 0.80 for Jul 30.

TECHNICAL OUTLOOK

Nifty (Weekly)

* Benchmark index recovered from lower levels and closed with Doji candlestick formation with long lower shadow.

* Index is likely to trade within a broad range and will gain upside momentum if price sustains above psychological resistance level of 16000.

* Benchmark Index has support at 15500 - 15300 and resistance at 16000 - 16200 level

Banknifty (Weekly)

* Banking index traded with mild negative price action and closed with Bearish candlestick formation.

* Index is likely to trade within a broad range and price sustainability above immediate resistance of 35200 will trigger further momentum. 

* Banking index has support at 34000 - 33500 and resistance at 35200 - 35800 level

Finnifty (Weekly)

* FINNIFTY index traded in a narrow range and closed with Doji candlestick formation.

* Index is likely to trade in a broad range with heightened volatility.

* FINNIFTY has support at 16150 - 15950 level and resistance at 16800 - 17000 level.

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