Weekly Market Wrap-up: Nifty Consolidated, GST Bill To Be Tabled Soon

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In the week gone by, Indian Markets were abuzz on Monday with possibilities of GST being passed by the members of the Rajya Sabha. The benchmark Nifty made a high of 8,605 points and saw a sharp correction to 8,510 points levels with the media fanning possibilities of a delay in the GST Bill.

It was the second consecutive correction in a row.

 

Weekly Market Wrap-up: Nifty Consolidated, GST Bill To Be Tabled Soon
Strong support was seen around 8,450  levels. The Nifty bounced back from 8,485 during last hours of trade on Tuesday raising hopes that the Index would test 8,648 levels.

Wednesday was a day of consolidation and the even as the benchmark index closed at 8,589 keeping hopes alive of 8,650 bets. Markets were weighed down on the last day of Bank Nifty's weekly contract on Thursday while the Index remained in a range of 60 points on the last day of the week before it closed at 8,553.

FII Participation

In the week gone by, FII and PRO combined have bought 24,55,650 shares in Index Futures.
The total for the July expiry from the 1st July to 22nd July is buy 59,42,400 shares, which indicates that big players are building long positions in market.

In the week gone by, FII continued its buying spree in the cash segment with a buy totaling worth Rs. 2221 crores DII, on the other hand stood opposite with a net sell worth Rs 1600 crores in the same period. Combined, shares worth Rs 621 cr were bought for the week.

Since 1st July 2016, FII have bought Rs 5,544 crores worth shares where as DII have sold shares worth Rs 3,751 crores in the cash segment.

FII and DII combined have a net buy worth Rs 1,792 Cr since 1st July 2016.

The combine FII and Pro have seen a continued increase in long position in Index future and an increase of short position in index options. In the cash segment FII and DII combined are net buyers of Rs. 1912 Cr since 1st July 2016.

Targets by Dynamic Levels

The immediate target for Nifty as per Dynamic Levels is 8,648 points.

International Markets Next Week

International markets have been trading in a very narrow range in this week, Inspite of the European Central bank announcing an unchanged policy decision amidst stimulus expectations. S&P500 remained in a very narrow range of 2152 to 2170 for the week. The next week could mark the range expansion for the global Indices with events such as US FED rate decision on 27th July and Bank of Japan credit policy on 29th July 2016.

Disclaimer Disclaimer: The contents of the article is sourced from the research report of Dynamic Levels with due permission. The report is prepared by analysts Mayak Jain and Vikash Kandoi. Dynamic Levels is a website owned by Dynamic Equities Pvt Limited, a member of BSE and NSE. You can visit Dynamic Levels by clicking: Dynamic Levels The article is not a solicitation to buy, sell in securities or other financial instruments. Greynium Information Technologies Pvt Ltd, its subsidiaries, associates and Dynamic Levels do not accept culpability for losses and/or damages arising based on information in this article


Read more about: gst, nifty
Story first published: Saturday, July 23, 2016, 9:19 [IST]
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