{"id":9534,"date":"2020-07-26T22:05:22","date_gmt":"2020-07-26T22:05:22","guid":{"rendered":"https:\/\/bengalnewstimes.com\/?p=9534"},"modified":"2020-07-26T22:05:22","modified_gmt":"2020-07-26T22:05:22","slug":"nifty-registers-weekly-gains-for-sixth-consecutive-week","status":"publish","type":"post","link":"https:\/\/bengalnewstimes.com\/?p=9534","title":{"rendered":"Nifty registers weekly gains for sixth consecutive week"},"content":{"rendered":"

<\/p>\n

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

\tTechnical<\/strong><\/p>\n

The Nifty witnessed another week of gain registering 6th consecutive gains on weekly basis. On the higher end, the value of the index has reached near the rising trendline on the weekly chart, where it is facing an initial resistance. So far, the trend remains positive; however, proximity to the trendline may induce 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 11300 may induce much stronger rally.<\/p>\n

Derivative<\/strong><\/p>\n

Markets continued to trend higher during the week with the benchmark index Nifty closing above its important psychological level of 11,000. Bank Nifty outperformed the Nifty index by ~0.5% with both the indices closing the week ~2.7% and ~3.2% higher, respectively. Both the index futures added fresh long positions during the week with Reliance Industries and IT stocks outperforming. FIIs index future long\/short ratio trended higher to 1.3x level as FIIs added fresh long positions in the index futures. India Vix index closed the week at 24.35, up ~1%. On the options front (July 30, 2020 expiry), Nifty out of the money put options added writing positions as the underlying price surged higher.<\/p>\n<\/div>\n

<\/div>\n