Weekly Wrap Up - 09th August

NIFTY 50

Nifty closed with a loss of 0.35% near 16238.20 levels on friday. The market breath was bearish with 27 declines against 23 advances. Sectors ended the session in green territory are Auto,  IT, Metals, PSU Bank and PSU Banks  sectors closed in red zone are Realty, Pharma, Media FMCG on Friday. 

NIFTY BANK

Nifty bank closed with a loss of 0.07% near 35809.25 levels. INDUSINDBNK, IDFCFIRSTBK, PNB were top gainer while RBLBANK, BANDHANBNK, SBIN were top losers.  

WEEKLY TOP3 GAINERS (02nd Aug - 06th Aug)
 

WEEKLY TOP 3 LOSERS (02nd Aug - 06th Aug)

Weekly Chart- Nifty 50

Nifty hit 16300 level for the first time but profit booking seen after RBI shared its monetary policy outcome that was in line with expectations and offering little to the market. On the weekly chart, nifty which gained 3 percent during the week formed a bullish candle and ends the session above its resistance which is a sign of bullish movement in coming session. If the index sustain above 16200 then buyers can attempt a bounce towards 16350, but strength can’t be assumed unless a close above 16,350 is registered. If it sustain above 16350 than it may hit targets of 16500 mark. 

As per the option chain data, maximum Put open interest was seen at 15000 followed by 16000 strike price while maximum Call open interest was seen at 16500 followed by 16000 strike price. Minor Call writing was seen at 16700 then 16550 strike, while Put writing was seen at 16000 then 16300 strike.

The above data indicates that the Nifty can continue seeing a broader trading range of 16,000-16,500 in the coming sessions.

Nifty find support near 16000 while 16500 will act as a psychological resistance.
 

WEEKLY CHART- BankNifty

Bank Nifty ends the week with bullish candle but despite crossing 36000 resistance level it could not sustain  above it and closed below it. Selective banking stocks were on the move, but overall, the index lacked strength. 20 Moving average is acting as a brilliant support line as we can see same in above charts. 

Banknifty support is placed near 33900 while on higher side 37500 will act as an immediate resistance.

CALL FOR THE WEEK:

CALL : BUY AAKASH ABOVE 282 SL 272 TGT 295

Description: 
Trend of stock is bullish, Prices ends the session with big bullish candle, 11-day period Exponential Moving Average is acting as a brilliant support line and it has provided support at regular intervals. This suggest that one should be in the direction of the ongoing trend as far as this line is protected and any pullback towards the same should be utilized as buying opportunity.