Weekly Report 15 May 2015

Market edged higher amid wild gyrations witnessed throughout the week as market  sentiment was boosted on expectations of cut in policy rates by the Reserve Bank of India in its next monetary policy review scheduled on 2 June 2015, after the latest government data showed inflation based on consumer price index (CPI) eased to a four-month low in April. Key indices gained in three out of five sessions of the week. The Sensex rose 218.61 points or 0.8% to settle at 27,324. The Nifty gained 70.85 points or 0.86% to settle at 8,262.35.The next batch of quarterly earnings of India Inc., macroeconomic data, trend in global markets, investment by foreign portfolio investors (FPIs), the movement of rupee against the dollar and crude oil price movement will dictate trend on the bourses in the coming week. 

On The F&O Front : – Weekly data shows in the past trading sessions, we have seen strong Put writing in 8200/8100/8000 strikes & major Call writing in 8500/8400/8300 strikes indicating a range bound session for market, in the near term.

On Technical Front: – On Nifty weekly chart strong support is seen at 8230 if it breaks with high volume, more bearishness is expected.

Nifty Directional: – Sell Nifty Future Below 8210 Target 8160, 8110 Stop Loss 8310.

Time Frame: – 1 Week