“On the domestic front, though FII selling intensity has reduced, the caution is increasing as we near the big event outcome which is resulting in profit booking. The volatility is expected to be heightened in coming sessions, thus it’s advisable to traders to stay on the sidelines and not get too aggressive. The weak global cues are further adding to the nervousness and thus markets are likely to remain weak in near future,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal.
Here’s breaking down the pre-market actions:
STATE OF THE MARKETS
- Tech View: Support for Nifty is now seen at 22,675-700 and 22,500 levels. On the higher side, the immediate resistance zone is at 22,825-850 levels and the next psychological resistance is at the 23,000 mark, said Tejas Shah of JM Financial & BlinkX.
- India VIX: India VIX, which is a measure of the fear in the markets, fell 0.083% to settle at 24.18 levels.
Stocks in F&O ban today
1) ABFRL
2) GMR Infra
3) Hindustan Copper
4) Vodafone Idea
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 were net sellers at Rs 5,841 crore on Wednesday. DIIs, meanwhile, bought shares worth Rs 5,233 crore.
Rupee
The rupee settled 22 paise lower at 83.40 against the US dollar on Wednesday, tracking a negative trend in domestic equities, elevated crude oil prices, and foreign fund outflows.
FII data
The net long of FIIs turned from Rs 47,459 crore on Tuesday to net short of Rs 5206 crore on Wednesday.
Q4 results
Apollo Hospitals, Muthoot Finance among others will announce their fourth quarter earnings on Thursday.
