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Market setup: Nifty markers remain 16,850 and 17,250

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Market setup: Nifty markers remain 16,850 and 17,250

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The markets are very clear, 16,850 to 17,250 – Nifty remains in that band but that is a 400 point band and in that 100-150 points intraday swings have happened.

Indian equity benchmarks continued to fall on Wednesday after a day's breather, as global growth concerns sent jitters across world markets already struggling against the prospect of aggressive rate hikes and resurgent COVID-19 infections.
The markets are very clear, 16,850 to 17,250 – Nifty remains in that band but that is a 400 point band and in that 100-150 points intraday swings have happened.
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In terms of the market texture, on Wednesday, the FIIs have gone ‘all in’ on the short side. They sold in cash but in index futures, FIIs have unwound 19,000 longs and 20,000 shorts. that is a good thing but the way it has been done one day ahead of the monthly expiry doesn’t give too much of a comfort for a bull because this market is vulnerable to intraday plunges and intraday collapses like it happened on NASDAQ in last hour of trade.
The NASDAQ’s collapse of last hour is clearly showing the texture of the market, the dollar index is at 103, FII flows turning negative, so the momentum is with the bulls and the 200-day moving average (DMA) is clearly acting as a big halt. SGX Nifty is indicating that the market will have a flat start today.
Watch the accompanying video of Anuj Singhal for more details.
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