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WEEK GONE BY

*  Benchmark Index gave up gains from higher levels during previous week before closing with 0.60% gain at 17784 level. Banking index outperformed the benchmark index as it closed with 1.60% gain at 37752 leve

* Among the Nifty constituents, ADANIPORTS and NTPC closed with 6.80% and 6.40% gains while INFY and WIPRO were the laggards as they closed with 4.70% and 3.00% cut respectively. Among the Bank nifty constituents, AXISBANK outperformed the Banking index as it closed with 2.60% gain  Among sectors, FMCG and METAL index outperformed as they closed the week with 4.40% and 4.30% gains while IT and MEDIA index were the laggards as they closed with 2.60% and 0.30% cut respectively

* Volatility index (India VIX) closed with 4.10% cut at 17.69 level

* FII were net sellers during the week as they sold equities worth 8642 Cr while DII were net buyers during the week as they bought equities worth 4162 Cr in the cash segment

* Globally, Equity markets closed lower during the week as US market (DJIA) and European market (DAX) closed with 0.3% and 1.1% cut respectively

Derivatives

* Derivatives data for Nifty suggest max OI addition at 18500 call and 16800 put side with max OI at 18500 call and 17000 put (13 Mar expiry). Nifty cumulative PCR closed at 1.01 for Mar 08.

* Derivatives data for Banknifty suggest max OI addition at 40000 call and 37500 put with max OI at 41000 call and 37500 put (13 Mar expiry). Banknifty cumulative PCR closed at 0.83 for Mar 08.

TECHNICAL OUTLOOK

NIFTY (WEEKLY)

* Benchmark index witnessed pullback from the higher levels during the last week and it closed with Doji candlestick formation.

* Index is likely to trade in a broad range between 17500 (on the downside) and 18100 (on the upside) with price breakout beyond these levels triggering further momentum in that direction.

* Benchmark Index has support at 17,500 – 17,300 level and resistance at 18,100 – 18,300 level

BANKNIFTY (WEEKLY)

* Banking index traded volatile before closing with Doji candlestick pattern during the last week.

* Similar to Benchmark index, Banking index is likely to trade range bound during the upcoming week.

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

FINNIFTY (WEEKLY)

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