InvestorQ : Can you share your stock market view for 17 February in Wednesday trading? Where is the Nifty and Sensex headed from here?
prachi Patwardhan made post

Can you share your stock market view for 17 February in Wednesday trading? Where is the Nifty and Sensex headed from here?

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diksha shah answered.
1 week ago
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It was a volatile day on Tuesday as the Nifty gyrated sharply between gains and losses. At one point, the losses were also deep and at one point the gains were also quite smart. However, the Nifty closed absolutely flat. The final market closing did not give a true picture of the underlying volatility, which was also evident in the rising VIX.

A number of PSUs are attracting buying interest including some of the large PSU project companies and the PSU banks. IT appears to be a case of the divestment story building up all over again. Private Banks came under some pressure which was on the cards after a very sharp rally that banks have seen in the previous few weeks.

The good news is that foreign institutional investors are hardly relenting. For Tuesday, the FPIs were net buyers to the tune of Rs.1144 crore even as the DFIs sold Rs.1560 crore in the equity markets. Foreign investors have infused a huge sum of Rs.23,000 crore into the equities in February, which is already 60% more than the January figure.

Global cues are mixed and that could be the real challenge for the markets on Wednesday. On Tuesday, most global markets came under pressure. While Dow was mildly in the positive, NASDAQ and the key European markets closed with losses. The SGX Nifty is also trading 60 bps lower in early trades and Asian cues could hold the key.

The market is in a kind of no-man zone and there is no real technical chart to take any kind of short term view. We have to be driven by liquidity and as long as the flows continue, it should remain a buy-on-dips market.

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