Key events / development during the week:
Nifty opened the week at 9864.25, made a high of 9884.35, low of 9740.1 and closed the week at 9857 with a gain of 20 points (.2%)
Last week we discussed “…….protecting previous Friday’s low (9685.55) and protecting 50 day moving average are crucial for bulls to move up. Thursday’s high of 9947.8 is a near term strong resistance. Below 9685.55 more weakness can expect. .” Nifty managed to protect 9685.55 but not able to move above 9947.8 level.
On the daily charts Nifty have formed a very small Opening Black body Marubuzo, which is almost like a neutral formation. On the weekly charts, both the indices have formed a Doji. Thus daily as well as weekly candlestick patterns suggest sideways in the near term. Options data also suggests a narrow trading range with resistance coming at 10000 & support at 9800.
- The Supreme Court of India clarified that the liquor ban on highways did not apply to licensed establishments falling within municipal areas
- Cabinet is likely to consider an ordinance to increase the cess on mid-size and large cars and sports utility vehicles to 25% from 15% earlier under the Goods and Services Tax (GST) regime.
- Foreign direct investment (FDI) in India zoomed 37% during the first quarter (April-June) of fiscal year 2017-18 to touch $10.4 billion.
- Infosys however ended the week on a positive sentiment amid speculation of co-founder Nandan Nilekani's return to the helm
- Global financial markets are closed in positive note.
- Weekly basis, FII were sellers in the cash segment
- Options data for August series indicate highest Call Open Interest at the strike of 10000 and highest Put build-is at 9800.
- The volatility index cooled off sharply in the ongoing consolidation and moved below 13 levels
Nifty opened the week at 9864.25, made a high of 9884.35, low of 9740.1 and closed the week at 9857 with a gain of 20 points (.2%)
Last week we discussed “…….protecting previous Friday’s low (9685.55) and protecting 50 day moving average are crucial for bulls to move up. Thursday’s high of 9947.8 is a near term strong resistance. Below 9685.55 more weakness can expect. .” Nifty managed to protect 9685.55 but not able to move above 9947.8 level.
On the daily charts Nifty have formed a very small Opening Black body Marubuzo, which is almost like a neutral formation. On the weekly charts, both the indices have formed a Doji. Thus daily as well as weekly candlestick patterns suggest sideways in the near term. Options data also suggests a narrow trading range with resistance coming at 10000 & support at 9800.
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