Indian Market Outlook:

Indian markets remained upbeat post the passage of the GST bill even as the benchmark Nifty bounced back from its crucial support area of 8,530 points.

Midway through the week markets maintained in a trading range between 8,660 points and 8,750 points even as Governor Rajan stayed course with RBI's Repo rates. The index saw the first bouts of correction on Thursday after remaining in a range and went on to make a low of 8,560 points.

Markets retested 8700 levels on the last day of the week, raising a toast to the bulls before fading into the long weekend to celebrate India's 69th Independence Day.

The week gone by marked the beginning of the August Expiry. Since 29th July, FII and PRO combined have bought 2631975 shares in Index Futures. This indicates that big players are building long positions in market. Entire week saw a continuous below average buying in Index Futures.

The week gone by marked the beginning of the August Expiry. Since 29th July, FII and PRO combined have sold 8242575 shares in Index Options. Market witnessed profit booking for the entire week except on Friday, where the bulls took over the control again with an above average buying of 7720350 shares in index options.

FII Trend

FIIs continued their buying spree in the cash segment with a buy totaling worth Rs. 6,346 crores. DIIs, on the other hand stood opposite with a net sell worth Rs 4,608 crores in the same period.

Combined, shares worth Rs. 1738 crores were bought during the week.

The combine FII and Pro have seen a continued increase in long position in Index futures and an increase of short position in index options. In the cash segment FIIs and DIIs combined were net buyers of Rs. 1738 Cr since 29th July 2016.

International Markets

Backed by strong Payroll Data international markets remained upbeat on Monday with the S&P trading around the 2177 mark and the Dax showing strength throughout the first day. On the second day of the week international markets remained confined in a narrow range. The Dax traded above the 10600 mark for the first time since Brexit. Markets remained range bound for the remaining part of the week with minor corrections cropping up by means of profit booking.

(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

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