India's benchmark Nifty opened on a positive note on the 16th of August with strong support area at 8,550 levels. The index looked set to test 8,750 levels which was proving to be a strong area of resistance for quite some time.
Bank Nifty too showed signs of strength with expectations that the Government would release the name of the New RBI Governor. Markets continued to be tepid even on the last day of the week even as the bulls and bears signed off with hopes that the Index would move beyond the current range of 8550 and 8760.
In the week gone FIIs continued its buying spree in the cash segment with a buy totaling worth Rs. 7,603 crores since 29th July. DIIs, on the other hand stood opposite with a net sell worth Rs 4,714 crores in the same period. Combined, shares worth Rs. 2889 crores were bought for the week.
International markets remained offbeat even after the American index registered fresh highs of 2191.
Markets in Germany were flat after Japanese media revealed a significant drop in the country's export numbers.
A bout of profit booking was noticed in S&P after NY Fed chair Dudley was heard saying that a rate hike was possible in December 2016. Markets recovered on Thursday post the revelation of the Fed Minutes which confirmed that a rate hike was not likely in December.
This week crude oil price showed a significant up move by 9.85% and closed at $48.52. This week low was 44.38. This is a third consecutive week were crude has closed in positive zone.
(The article is written by Mayak Jain and Vikash Kandoi from Dynamic Levels. 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