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 | | In This Issue: | | • Market View | • Sectoral Outlook | • Technical Outlook | | | Market View | - Indian market closed negative during the week. Nifty and Sensex down this week by 1.09% and 1.05% respectively.
- In terms of sectors Petrochemicals, Paints and Media were the winners of the week. Construction, Metals and Engineering sectors were the notable losers this week.
- Government distributes over 15 cr LED bulbs under DELP scheme: Domestic Efficient Lighting Scheme (DELP) has touched a new milestone with the distribution of 15 crore energy efficient LED bulbs to households via discoms. These 15.10 crore LED bulbs will help in saving of 53.74 million units of electricity per day and Rs 21.49 crore daily, stated information updated on UJALA web portal. According to information provided on the website, these 15.10 crore bulbs will help avoiding around 4,000 MW peak demand of electricity and reduce 43,534 tonnes of carbon dioxide per day.
| | | Technical Outlook | - Nifty lingers in the range of 200 points for August F&O series, the bliss for options writer. This week major global markets are trading in narrow range while precious metals witnessed some selling pressure. Gold traded at 4 weeks low while Silver at 7 weeks low of $1322 and $18.45 respectively. On the sector check this week in Indian markets, FMGC was the only positive sector gaining 0.1% while PSU Banks and Metals witnessed profit book losing 3.7% and 3% respectively.
- The range bound Nifty August F&O Series ends on negative note losing 0.86% (EoE) at 8,592.
- On weekly basis, index settles below 8,600 after four weeks at 8,572 losing 1.1%.
- Nifty has been oscillating within range of 2.5% between 8500 and 8730 for the last one month.
- The narrowest range for Nifty for the last 20 years is 2.4%. Nifty Index has been in a range of 2.5% in this month, which means this is the second narrowest trading range.
- This appears not to be a local phenomenon as global indices like Dow Jones and 10 year bonds in US are also trading in an extremely narrow band for the last few weeks.
- Complacency is also reflected in 'Very Low' levels of the 'Fear Index', the volatility index VIX. US CBOE VIX is near its lows of 13.6% and India VIX is at a low level of 13.2%
- This means that markets are set to be shaken out of complacency in the next few days and weeks. US Fed Chair Janet Yellen Speech tonight could be the trigger to break this slumber.
- The breakout either side can be well played with buying Nifty 8600 Straddle (8600CE and 8600PE) at around 255.
- The support for the week holds at 8,500-8,388 and resistance at 8,667-8,730.
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CA. Rajesh Desai
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August 26, 2016
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