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Weekly Market Review: Another Dull Rangebound Week
As this was the expiry week for future contract market, it witnessed a less volatile session, as the benchmark Index Nifty broke its sentimental level of 8,600 points in cash and made a low of 8,548 points.
However in the future contracts, the level was broken by only 4 points and the index made a low of 8,596 points.
In the beginning of the week SBI approved its merger with 4 PSU banks. Bank Nifty cheered the appointment of new RBI governor on Tuesday and it made a new high in the opening minutes. However the bulls failed to keep the momentum going and profit booking crept-in which led to the lower prices throughout the day.
FIIs and DIIs have started profit booking in cash segment and in last few days combined data has been on the sell side. No enthusiasm was seen for the new expiry in cash segment as they bought combined only for Rs. 75 crs. Yesterday Fed chairperson Jannet Yellen spoke about optimism of US economy and signaled a rate hike.
In the week gone by, the August expiry ended on Thursday on a negative note for the week. In the fresh September Clearing, FII and Pro combined have bought above average, 776925 shares in Index futures.
International markets
In a much-anticipated speech on Friday at the central bank's annual Jackson Hole summit, Fed Chair Janet Yellen voiced optimism about the economy and an expectation that interest rate hikes are ahead.
S&P 500 futures made low of 2,158 breaking its weekly narrow range of 2,190 to 2,170 levels.
European market also traded in a narrow range with no clear direction, German Index DAX traded in a narrow range of 10,663 to 10,445 levels.
By Mayank Jain and Vikash Kandoi
(Disclaimer: 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.)
