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- Nifty To Remain In The Range Of 15,700 To 16,000, Investors Pose A Good Opportunity To Buy On Dips
MumbaiOne hour ago
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- Nifty will first move towards 15,962 then try to move above 16,000
- In the fall, first support will be found at 15,750, then buying will come out near 15,700
- Gold can first get support at Rs 47,300 per 10 grams, then Rs 47,000
Futures market deals are indicating the Nifty to remain in the range of 15,700 to 16,000. If Nifty remains above 15,800, then it can be seen moving towards 15,962 first. After that he will try to cross 16,000. If the downward pressure builds up, first support will be found at 15,750. If Nifty comes below this level near 15,700, buying will be done in weakness.
domination of bulls
There has been a lot of volatility in the domestic stock market this week. India VIX, which shows volatility trends, rose marginally by 0.51%. The volatility index rose from 11.70 to 11.76 at the end of the week. It jumped above 14 on Tuesday. A fall in this is a sign of increasing dominance of the bulls in the market. Buying comes out in the market every fall.
Talking about the foreign markets giving direction to the domestic market, the US CBOE VIX declined by 6.77%. The Dow Jones remained at a higher level and closed with a strength of 1.07%. After a heavy fall in the beginning, the bulls dominated the market. He bought every drop near the record high level. In this, a pattern of higher high and higher low is being formed from four sessions. In the next few sessions, it can be seen touching new heights.
FII and DII
Foreign Institutional Investors (FIIs) remained sellers throughout the week. He sold shares worth a net Rs 5,445 crore. Domestic Institutional Investors (DIIs) bought shares worth a net Rs 5,051 crore. FII has sold shares worth a net Rs 12,368 crore so far this month while DII has bought shares worth a net Rs 10,187 crore.
gold and silver
Gold fell 1.08% this week. In this, the pattern of lower high is being formed for two weeks. If the decline continues, support can be found first at 47,300 and then at 47,000. Buying strategy on every downtrend will be right for investors. Silver prices fell by 1.85% this week.
If we talk about crude oil, then this week it lost 0.61%. There was a sharp decline on Monday, but the rest of the day was a good buy. This was supported by the increase in global demand. It is forming a trending higher high and higher low pattern.
(Chandan Tapadia, Head – Derivatives & Technical Research, Shivangi Sarda – Quantitative Analyst, Motilal Oswal)