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"Despite the headwinds from an increasingly hawkish Fed, the market is exhibiting technical strength as reflected in the Nifty trading above 100 and 200 day moving averages. The other important trend of the mid-cap index outperforming the Nifty is likely to continue.

An important factor supporting the market is the sustained flow into domestic equity mutual funds which has touched a record high of Rs 28464 cr in March. The net inflow of Rs 164399 cr into domestic equity mutual funds in FY 22 along with strong retail buying has negated the massive FPI selling in FY 22. This new trend of domestic money outsmarting foreign capital is likely to be a major determinant of market trends, going forward.

Q4 results, particularly of leading financials, and guidance from IT majors will influence the market in the coming days"

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