FIIs sold Rs.992 cr in Bank Nifty and Rs.668.47 cr in Nifty futures.
- FIIs net long position is at 9.05%
- VIX is at 10.06 (-1.85%)
- PCR is at 0.67
- FIIs sold Rs.2381 cr in the cash segment and Rs.1767 cr in index futures
DIIs bought Rs.1077 cr in the cash segment - Open interest position
A. FIIs covered 2623 lots on the long side and created 6297 short lots
B. CIIs bought 113 lots and covered 973 short lots
C. Retail clients bought 3693 lots and created 1028 short lots
D. Pros bought 8735 lots and created 3566 short lots
Note: FIIs net long position has now slipped into single digits at 9.05%. PCR at 0.67 is in the oversold zone. Surprisingly, VIX declined by 1.85%.
Today’s fall can be attributed to Japan, as the Bank of Japan is expected to take interest rates to a 30-year high. More important will be the guidance from Governor Ueda on the future rate-hike path during the post-meeting press conference.
If Ueda sounds hawkish, global equities may see further selling. However, there is pressure on him to soften hawkish signals.
As far as intraday levels are concerned, 25700–25720 is an important support zone. A break below 25670 may trigger another fall, extending towards 25570–25551.
However, with FIIs net long at 9%, PCR deeply oversold, and VIX easing, any fall of 120–150 points is likely to be a buying zone around 25750–25713. Further dips may push FIIs net long and PCR into extreme oversold territory, triggering buying interest.
Trading Scenarios
- Sell Nifty below 25810
Target 25753–25713 | SL 25860 - Buy on dips around 25740–25713
SL 25680 | Target 25860 - Buy Nifty above 25910
SL 25860 | Target 25980–26007
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