Index Option gamma writers took the centre stage as the indices traded in a narrow range for the major part of the week. Bank Nifty index underperformed the Nifty index by ~0.65% as it witnessed an addition of short positions during the week, with both the indices closing ~1.35%,0.7%. lower.
On the daily charts Nifty index continued to trade in a rising wedge pattern with the immediate support being placed at 15,450 and resistance at 15,950.
Metal Stocks were among the top outperformers, witnessing an addition of fresh long positions during the week with stocks like Tata Steel, Hindalco & Sail leading from the front.
FIIs index futures long/short for the August series started above the ~2x level, in the favour of the bulls.