FIIs` selling is a key concern for the Indian equity market By Mr. Parth Nyati, Tradingo
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Below is quote on FIIs' selling is a key concern for the Indian equity market By Mr. Parth Nyati, Founder, Tradingo
It was expected that today we could have a dull day amid a holiday in the US market but surprisingly we wake up with negative cues of a new covid variant from South Africa that led to black Friday on global markets. Indian markets that were already underperforming joined the global market mayhem where Nifty and Sensex lost about 3% in a day. Other than the Covid new variant, FIIs' selling is a key concern for the Indian equity market because they are selling relentlessly in our market for the last many days. Pharma stocks outperformed on the back of rising covid concerns globally while defensive FMCG names also witnessed resilience. The major pressure was seen in FIIs' favorite large-cap names therefore we can again expect a large selling figure by FIIs in today's trading session.
Technically, Nifty is continuing its southward journey following the breakdown of a bearish head and shoulder formation and it has also slipped below its critical support of 100-DMA of 17088 with bearish marubozu candlestick formation that has opened the door for further weakness towards 16700/16400 levels. On the upside, now 17100 will act as an immediate hurdle while 17350-17400 will be the next critical resistance zone.
Banknifty is underperforming and witnessing a vertical fall however it has come near its 200-DMA which is currently placed at 35700 level therefore we need to see its behavior near 200-DMA; below this, it is vulnerable for further weakness towards 35000/34000 levels. On the upside, 37000 will act as a strong resistance.
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