{"id":11391,"date":"2020-08-02T06:03:07","date_gmt":"2020-08-02T06:03:07","guid":{"rendered":"https:\/\/bengalnewstimes.com\/?p=11391"},"modified":"2020-08-02T06:03:07","modified_gmt":"2020-08-02T06:03:07","slug":"nifty-breaks-winning-streak-of-6-consecutive-weeks-to-end-lower","status":"publish","type":"post","link":"https:\/\/bengalnewstimes.com\/?p=11391","title":{"rendered":"Nifty breaks winning streak of 6 consecutive weeks to end lower"},"content":{"rendered":"

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\n\t\t\"Market<\/div>\n

\tTechnical<\/strong>
\n\tThe Nifty settled lower for the week breaking 6 consecutive winning streaks. On the higher end, the value found resistance at the rising trendline on the weekly chart. A \u201cdark cloud cover\u201d is formed on the weekly chart, which may trigger a correction in the short term. On the lower end, Nifty may drift down towards 10800, again sustained trade below 10800 may trigger further correction towards 10550. On the higher end a decisive move beyond 11380 may induce much stronger rally.<\/p>\n

Derivative<\/strong>

\n\tNifty ended its winning streak of six consecutive weeks as profit booking weighed in, however, the index closed above its important psychological level of 11,000. Bank Nifty underperformed the Nifty index by ~3.5% with both the indices closing the week ~1% and ~4.5% lower, respectively. Both the index futures saw an unwinding of long positions during the week. FIIs index future long\/short ratio for the August series has begun at 2x level as FIIs added fresh long positions & reduced their short positions in the index futures. India vix index closed the week at 24, down ~2%. On the options front (August 06, 2020 expiry), Nifty & Bank Nifty out of the money options added writing positions as the underlying price traded in a narrow range.<\/p>\n<\/div>\n

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