Weekly Market Outlook - Reliance Securities

Mr. Rakesh Tarway, Head of Research, Reliance Securities

The open interest data confirms that we are in for a bigger move in the next week depending upon the event outcome. We have observe a huge call open interest addition in multiple strikes of 9,000-9,200 series in the past few days, with 9,000 as the highest strike at 71 lakhs shares while on the downside 8,800 - 8,600 strikes have an average open interest of 45 lakh shares.

Nifty-50 ended 37 points higher at 8,935 last week and is in an inside range that is being poised for a breakout on either side from current levels as the election verdict will be out on Saturday. The Federal Reserve meeting in US would provide some direction the markets next week. Nifty trend reversal level will be 8,800 from current levels, which will be breaking three weeks low and marking a reversal of the current up-move.

Source : Equity Bulls

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