“We expect Nifty to move towards 22700-22750 in the next few days with the ongoing rally focused towards large caps,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal.
Here’s breaking down the pre-market actions:
STATE OF THE MARKETS
- Tech View: In the case of dip towards, 22390 – 22340 it should be used as a buying opportunity as key hourly moving averages are placed in this range and can attract buying interest. On the upside, 22570 – 22600 shall act as an immediate hurdle zone from a short term perspective, said Jatin Gedia of Sharekhan.
- India VIX: India VIX, which is a measure of the fear in the markets, fell 4.8% to settle at 13.61 levels.
US stocks down
The S&P 500 and Nasdaq closed lower on Friday after touching record highs during the session, with high-flying chip stocks going into reverse and a mixed labor market report that showed more new jobs than expected with a rising unemployment rate.
FII/DII action
Foreign portfolio investors were net buyers at Rs 7,304 crore for the third straight day on Thursday. DIIs too bought shares worth Rs 2,601 crore.
Rupee
The rupee ended marginally stronger on Thursday at Rs 82.82 as likely intervention from the central bank limited the currency’s rise.
FII data
The net short of FIIs increased from Rs 46,341 crore on Wednesday to Rs 33,795 crore on Thursday.