Markets witness fresh upward momentum, closed at record highs

Bank Nifty index outperformed, the Nifty index by ~1% with both the indices adding fresh long positions on the opening day of the July series.

Jun 25, 2021 04:06 IST India Infoline News Service

Businessman showing growing charts
Markets witnessed a fresh upward momentum with the benchmark index closing on the record highs. Index Option gamma writers took the centre stage as the benchmark index traded in a narrow band throughout the week.

Bank Nifty index outperformed, the Nifty index by ~1% with both the indices adding fresh long positions on the opening day of the July series. Both the indices continued to trade in a strong higher top higher bottom chart structure on the daily timeframe, indicating a positive bias.

IT stocks were among the top outperformers witnessing an addition of fresh long positions during the week with the Nifty IT index closing on lifetime highs.

FIIs index futures long/short for the July series stated at ~4.6x level, in the favour of the bulls.

On the options front (July 29, 2021 expiry), the Nifty 15500PE strike price has witnessed fresh writing, hinting at a formation of a floor level for the index around the mentioned strikes in the coming days.

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