The downside momentum continued in the market on Thursday and Nifty closed the day lower by 227 points amidst volatility. Analysts say the underlying trend of Nifty remains weak. But the overall chart pattern indicates a possibility of lower bottom formation around the supports of 23500-23400 in the short term. A sustainable move above the hurdle of 23850 could confirm reversal on the upside.
STATE OF THE MARKETS
- Tech View: In the short term, sentiment continues to support a bearish view, with sell-on-rise likely to remain the preferred strategy. The RSI indicator is in a bearish crossover and is declining further, entering a zone of significant weakness.
- India VIX: India VIX, which is a measure of the fear in the markets, rose 2.2% to settle at 21.52 levels.
Stocks in F&O ban today
Samman Capital
SAIL
Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.
FII/DII action
Foreign portfolio investors net sold shares worth Rs 7,050 crore on Thursday. DIIs, meanwhile, were net buyers at Rs 7,449 crore.Rupee
The rupee touched a fresh intra-day low on Thursday and closed the session 24 paise down at its lowest level of 92.25 against the US dollar, dragged down by elevated crude oil prices and massive withdrawal of foreign capital.
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