Technical
The Nifty started the week on a positive note after a negative previous week. The positive trend had continued for the first four days before it shed more than 1.5% on the final day of the week. On the daily chart, Nifty gave a breakout above a falling trendline before finally closing below the trendline. The weekly RSI is in a bearish crossover. On the lower end price may drift down towards 14000 if the index falls below 14600 on Monday. On the other hand, move above 14700 may induce a strong rally towards 15500 over the near term.
Derivative
Markets witnessed a volatile week with the major indices witnessing a whipsaw moves. Both Nifty and Bank Nifty index closed the week ~2%/3.2% higher despite of witnessing a sharp selloff during the Friday's trading session. Bank Nifty index added add fresh short positions during the opening day as the open positions soared higher along with a falling underlying price. Metal stocks like JSW Steel, Tata Steel & SAIL were among the top outperformers, closing the week with an addition of fresh long positions. FIIs index futures long/short for the May series starts above the 3x level, in the favour of the bulls. On the options front (May 27, 2021 expiry), Nifty 15000CE strike price has witnessed fresh writing, hinting a formation of a ceiling level for the index around the mentioned strikes in the coming days.