#NIFTY near major support but its more of a FIIs vs DIIs battle
The game is getting serious now between the FIIs and the DIIs.
With weak global cues and not so hopeful fundamentals within site for the moment, Nifty looks good at the level of 9700 but the DIIs got the money and the FIIs are trying to make the most of it.
They are on a selling spree and using the DIIs ego for their gain and even though the DIIs got the money to drive the market to the ATH levels but the market dont deserve it right now and that kind of rally always result in bad outcomes.
On the chart currently, 10000-9996 is a major support level and the OI numbers confirms the same with over 8 million contracts at the 10000 level.
Breaching this level Nifty would see a sharp downfall.
Also expect some bounce from the 10000 level but dont assume it to be a bull rally and stay nimble footed with the art of profit booking in place.
P.S. 10000 level is perfect level for scalping purposes though, lookout.
With weak global cues and not so hopeful fundamentals within site for the moment, Nifty looks good at the level of 9700 but the DIIs got the money and the FIIs are trying to make the most of it.
They are on a selling spree and using the DIIs ego for their gain and even though the DIIs got the money to drive the market to the ATH levels but the market dont deserve it right now and that kind of rally always result in bad outcomes.
On the chart currently, 10000-9996 is a major support level and the OI numbers confirms the same with over 8 million contracts at the 10000 level.
Breaching this level Nifty would see a sharp downfall.
Also expect some bounce from the 10000 level but dont assume it to be a bull rally and stay nimble footed with the art of profit booking in place.
P.S. 10000 level is perfect level for scalping purposes though, lookout.
