NiftyOutlook by EpicResearch

Nifty posts biggest gain of the year as it moves beyond 61.8% mark on a closing basis with a breakout that may last for few coming weeks. This is the biggest gain Nifty has posted on a weekly basis since this year has started or since November last year keeping short sellers and bears trapped at lower levels. Positive global cues, comfortable inflation data, and Increase in FII's investment kept bulls in charge for the last 4 weeks.

Global cues were largely positive with better than expected Core retail sales and retail sales numbers from the US and improved GDP numbers m/m from GB along with higher manufacturing production taking out the clouds of Brexit.

From derivatives data, it was pretty much clear that a trend is shaping beneath as the Open interest numbers that were seen on Nifty and Bank NIfty were not seen during the last couple of weeks of consolidation. The OI increase jumped sharply in Nifty by 14% and 

BankNifty by 20%. This further mandated the trend in control of bulls with a decisive breakout that was seen last week. 

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Posted in: Indian Market Tips