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

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GST ruled the roost right from the word go and the Nifty hovered around the 8,600 mark while sentiments remained upbeat in the Indian markets.

The Bank Nifty which rose sharply by 300 points propelled the bench mark index to make a high of 8,645 on Monday. Markets remained confined in a narrow range right through Tuesday even as the GST bill was set to be delayed at the Rajya Sabha. Traders were anticipating stiff resistance around 8,652 areas backed by significant correction in the Midcap and Smallcap space.

Weekly Market Wrap-up: Nifty Consolidated, GST Bill To Be Tabled Soon
The index was indeed finding strong resistance around the 8,650 area on the last day of the July expiry even as it made a low of 8,585. Markets closed stronger than expected on Thursday at 8,667 and kept the momentum intact on Friday. The first day of the August expiry was brimming with anticipation that the Bank of Japan would flood the markets with stimulus measures.

The Index opened at the highs of 8744 before bowing out on a tame note ahead of the weekend.
On the first day of August expiry, 29th of July, FII & Pro have sold 1,99,0575 shares combined, below average of 2,92,0650.

The total for the July expiry from the 1st July to 28th July was -574725 which indicates that a Buy positions which were created for the clearing were squared off.

In the week gone by, FII continued its buying spree in the cash segment with a buy totaling worth Rs. 3720 cr. DII, on the other hand stood opposite with a net sell worth RS. 1564 cr in the same period. Combined, shares worth Rs. 2155 cr were bought for the week.

The combine FII and Pro have seen a continued increase in long position in Index future and a increase of short position in index options. In the cash segment FII and DII combined are net buyers of Rs. 2155 Cr since 25th July 2016. The immediate target for Nifty as per Dynamic Levels is 8648.
International Market Morning Update: International markets remained offbeat for the major part of the week with the S&P 500 is trading in a range of 2150-2172.

In Germany the Dax too broke above its previous high of 1089 but closed lower on the first day of the week. Markets recovered on Tuesday with hopes that the interest rate would not be hiked ahead of time even as the Fed prepared for its two day FOMC meet. Post the FOMC meet on Thursday markets in Japan took a jolt even as interest rate hike was put on hold till September.

The Nikkei was down 0.69 % early on Thursday. The mood was upbeat on Friday morning with expectations of fresh stimulus from the BOJ which was later turned down by Governor Kuroda. The Nikkei swung sharply post the meet and later stabilized to normalcy.

The article is writtten by Mayak Jain and Vikash Kandoi from Dynamic Levels

(Disclaimer: The contents of the article is sourced from the report of Dynamic Levels. 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: nifty, gst
Story first published: Saturday, July 30, 2016, 10:52 [IST]
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