Indian Market Outlook
The week started with the ample opportunities for the bulls to run riot in the Indian Markets even as Nifty remained firmly placed above the 8900 mark. The stage was set for the Index to reclaim its previous high of 9100 levels. With robust performance from the Banking Sector, Indian markets were teeming with confidence.
Important support for Nifty Futures as per dynamic levels is 8790 (Current Month Low) & 8578 (2 Week Low) and Support for Bank Nifty Futures is 20082 (1 Week Low) & 19790 (Current Month Low).
In the week gone by, nifty saw a breakout of 8860 which was supported by above average buying by combined FII & PRO on 6th September, 2016. However on 9th Sep they sold more than average but the net remained in positive territory. The total buying in the week was for 13303650 in option in the current expiry. This signifies the right breakout in the Index.
Asian stocks fell after the ECB disappointed investors who were looking for some kind of announcement on QE and the future steps it may take to boost the European sluggish economy. China's consumer inflation slowed sharply last month, but producer price deflation eased significantly, adding to evidence that the world's second-largest economy is steadying. American Market selloff should effect Asian market on Monday mornin.
(The report is prepared by Vikash Kandoi and Mayank Jain. The contents of the article is sourced from the research report of Dynamic Levels with due permission. 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.)