Dynamic Levels' technical report:
FII and Pro have created huge sell positions on Friday 22nd Sep for 201175 contracts. It has been observed by Dynamic research team that whenever FII and Pro create this kind of sell positions, market tends to go in that direction. In the last 10 days, both FII & PRO have created sell position of 209294 contracts and in Expiry they have created a short position of 167241. Thus market is expected to go down further.
In the above situation, as per past records, if market stays down for consecutive 8- 10 days from the date of its recent high; Nifty’s recent high was on 19th Sep of 10179, thus we can expect selling till the end of this month. On Friday the Indian Benchmark Index Nifty fell by 1.56% and made a low of 9953 and closed at 9964.
Moreover Emerging Market Currencies have also started weakening from 8th Sep 2017 after ECB President Mario Dragi has signaled tapering of stimulus. MSCI Emerging Market Currency Index has weakened by 1.56% after 8th Sep 2017.
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
