Indian Markets Update
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· Sensex and Nifty ended negative on Friday down by 0.99% and 0.80% respectively. Media, Metals and Engineering sectors showed weak performance.
· CoalIndia (2.73%), PNB (2.31%) and KotakBank (2.05%) were peak gainers while Cairn (-5.46%), VEDL (-4.29%) and Cipla (-4.17) were major losers in the nifty.
· The NSE India VIX up by 4.42% to close at 17.65 after being as high as 17.72 and as low as 15.79.
· The SGX Nifty currently stands at 7732, down 27 pts from its previous close.
Global Markets Update
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· U.S. markets closed more than 1 percent lower Friday, pressured by a continued decline in oil prices and soft reports on the health of the consumer.
· European markets closed sharply lower on Friday as slumping commodity prices and weak earnings reports continued to weigh on investor sentiment.
· Asian markets were hit by a sell-off on Monday, with sentiment badly dented by Friday's brutal terrorist attacks in Paris.
Nifty Outlook
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· Nifty falls for three consecutive weeks; ends at 7762 losing 0.7%
· Stochastic on daily chart is hovering in oversold zone.
· Histogram on MACD is at two months low.
· PCR is trading around 0.68 near the 2015 lows suggesting short term bounce on cards.
· We expect the bearish momentum to fade around 7,700.
· We remain "Neutral" at current level.
· The crucial supports are placed at 7,715-7,600 and resistance at 7,940-8,030 for the week.
F&O Outlook
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· Open Interest addition was seen in 8000/7900 Calls and 7700/7400 Puts.
· Unwinding was seen in 7300/7400 Calls and 7600/8000 Puts.
· Range as defined by options chain is 7700-8200 as maximum OI concentration is placed at 8200 Calls (73 lac shares) and 7700 Puts (58 lac shares).
· India VIX closed at 17.65 with a gain of 4.41%.MACD still remains in positive zone on weekly chart.
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