“Nifty has been consolidating in a narrow range at higher levels for the last few sessions, while broader markets have bounced back strongly, especially after a sharp recent correction. Overall, we maintain our positive bias on the market, and any dip can be viewed as a buying opportunity,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal.
Here’s breaking down the pre-market actions:
STATE OF THE MARKETS
Tech View: The Nifty is heading towards the upper end of the rising channel placed at 22700. On the downside the zone of 22350–22300 shall act as a crucial support from a short-term perspective. Minor degree pullbacks towards support zones should be used as a buying opportunity, analysts said.
India VIX: India VIX, which is a measure of the fear in the markets, fell 1.3% to settle at 11.22 levels.FII/DII action
Foreign portfolio investors were net sellers at Rs 1,136 crore for the fourth straight day on Thursday. DIIs, meanwhile, sold shares worth Rs 893 crore.Rupee
The rupee on Thursday recovered 14 paise to close at 83.39 against the US dollar, tracking a firm trend in domestic markets and a weak greenback against major crosses overseas.
FII data
The net short of FIIs increased from Rs 31,757 crore on Wednesday to Rs 33,628 crore on Thursday.