NIFTY opened at 17400 with a huge gap up on Monday and consolidated for the week, moving between 180 points.
The index ended just 30 points down at 17369. Markets were closed on Friday on account of Ganesh Chathurthi.
Reliance was the main reason for the gap up but the stock consolidated during the week.
IT stocks moved well especially TCS and Infosys.
Jio Phone launch is delayed due to semiconductor shortage.
Zomato stops its grocery business. With firms given high targets for the stock, let’s see how it moves next week.
Foreign Institutional Investors became net sellers and sold Rs 1,114 crores. Domestic Institutional Investors have bought for over 1,115 crores this week
Volatility is down as VIX is down to 14 this week. Consolidation in the market.
Global markets are down as there are inflation worries. U.S. Consumer Price Index (CPI) data for August is expected on Tuesday.
The highest call OI stands at 18,000 followed by 17400. Highest Put OI is at 16,500 followed by 17,300.
There are high call OI buildups at 37000 and 37500. Puts are low compared to calls. Banknifty would probably consolidate between 36000 and 37000.
Nifty tried to breach the 17400 level multiple times last week. All of them were failed attempts as none of the 1 hour candles could close above 17412.
What do you think will happen to Nifty this week? Will the market see profit booking or consolidate? Let us know what you think in the comments section of the marketfeed app.