Stock market: The Indian Equity Index closed down slightly at the Waletty trading session on 12 February. The Sensex fell at 76,171.08 at 76,171.08 at the end of the trading session and the Nifty fell 26.55 points or 0.12 per cent to close at 23,045.25. Today about 1487 shares rose, 2334 shares declined and 85 shares did not change. M&M, India Electronics, Eicher Motors, ITC and Hero MotoCorp were among the most damaged shares on the Nifty. While SBI Life Insurance, Bajaj Finserv, HDFC Life, Shriram Finance and Tata Steel were today’s top gainers. Midcap and smallcap indexs have declined by 0.5 per cent.
In different sectors, all the regional index, except PSU banks and metal, closed in red mark, while the realty index declined by about 3 per cent.
Speaking on heavy selling of foreign institutional investors (FIIS), Rohit Srivastava of Indiacharts said that foreign institutional investors (FIS) currently hold the largest short position on records in terms of number of contracts. This excessive recession levels suggest that a strong short-covering rally may come in the event of a positive trigger. So far in February, FII has withdrawn Rs 17,129.5 crore from Indian stock markets.
Srivastava said that it is also clear in the open interest of Nifty Futures, which has been growing in the market for the last 10-15 days. Due to this, it has reached the highest level of many years. Heavy negativity in price action indicates that we may be at the lower level in both short and medium periods. In such a situation, there is a possibility of recovery in the market in the coming days or weeks. In this recovery, the Nifty can grow up to 24,000 or above.
From a technical perspective, Jigar Patel, senior manager of Equity Research in Anand Rathi Share and Stock Brokers, believes that the Nifty is building a lower level around 22,800. On 27 January, the Nifty created a lower level around 22,800. Today, it has again touched that level. Support for Nifty is visible at this level. At the same time, resistance is expected for around 23,450 for this upwards.
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Now everyone’s eyes are on the figures of retail inflation coming from both India and America. Investors are keeping an eye on these figures to guess the forward move of the market. According to Reuters Polls, India’s retail inflation is expected to decline drastically in January due to a slow rise in the prices of food and drink. Softness in inflation can provide support for the Reserve Bank of India to deal with slow economic growth. Slow economic growth has had negative effects on corporate income and consumption in recent months.
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