On the week to week basis Sensex closed down by 2.92% at 14742. Nifty closed -2.18% at 4430. The sector which were badly bashed in the week was the Banking and the Reality. They were down by more then 6% as compared to the previous week.
Twice in the last week, Nifty faced resistance at 4625 levels and the 100DMA. Long unwinding was seen in the Aug Nifty future as is shed open interest with decling premiums. Writing activity started in Nifty 4600,4700 & 4800 calls, giving the indication that the markets are on the verge of forming top. However, hardly any short build ups were seen- neither in the form of put buying, nor in the form of short build up in the futures. Nifty slipped down to close below 4440 levels. Nifty will find good support at 4390 levels.
Crude fell USD 1.24 to settle at USD 113.77 a barrel on the NYMEX. Dollar gaining strenght as compared to other global currency.
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