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WEEK GONE BY

* Benchmark Index traded volatile for the week gone by before closing with 1.00% gain at 17,197 level. Banking index underperformed the benchmark index as it closed with 0.48% gain at 36,197 level

* Among the Nifty constituents, TCS and SBILIFE closed with 5.62% and 3.15% gains while CIPLA and BHARTIARTL underperformed as they closed with 5.65% and 2.76% cut respectively. Among the Bank nifty constituents, INDUSINDBK outperformed the Banking index as it closed with 5.47% gain

* Among sectors, IT and MEDIA index performed better as they closed the week with 3.59% and 1.61% gains while PHARMA and ENERGY were the laggards as they closed with 2.56% and 0.39% cut respectively.

* Volatility index (India VIX) closed with 11.25% cut at 18.46 level

* FII were net sellers during the week as they sold equities worth 15800 Cr while DII were net buyers during the week as they bought equities worth 16450 Cr in the cash segment

* Globally, Equity markets closed lower during the week as US market (DJIA) and European market (DAX) closed with 0.9% and 0.6% cut respectively.

Derivatives

* Derivatives data for Nifty suggest max OI addition at 17500 call and 16400 put side with max OI at 18000 call and 17000 put (09 Dec expiry). Nifty cumulative PCR closed at 0.91 for Dec 03.

* Derivatives data for Banknifty suggest max OI addition at 37000 call and 35500 put with max OI at 37000 call and 35500 put (09 Dec expiry). Banknifty cumulative PCR closed at 0.71 for Dec 03.

TECHNICAL OUTLOOK

NIFTY (WEEKLY)

* Benchmark index traded volatile during the last week before closing with Doji candlestick formation

* Index is facing stiff resistance around 17500-17600 price zone; Nifty witnessed pullback from these levels last week. Index is likely to trade volatile with downside bias in the coming week, given the uncertainty surrounding new coronavirus strain.

* Benchmark Index has support at 16,800 – 16,600 and resistance at 17,500 – 17,600 level

BANKNIFTY (WEEKLY)

* Bank Nifty exhibited volatile price action in the last week and closed with indecisive Doji candlestick formation

* Similar to Nifty, Banking Index is likely to trade with negative bias albeit with elevated volatility

* Banking index has support at 35,300 – 34,700 and resistance at 36,900 – 37,300 level

FINNIFTY (WEEKLY)

* FINNIFTY index witnessed volatile price action similar to Bank Nifty in the last week.

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

* FINNIFTY has support at 17,300 – 17,000 level and resistance at 18,100 – 18,300 level.

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