FII play a very significant role in Indian stock market, when they start buying market goes higher and when they start selling it goes much lower in faster pace. Recently FII have started selling in Indian equities, panic selling caused market to move from 5800 level to 4600 level in few months. Most of selling was due to global strength in US dollar, caused due to rapid growth picking up in US and also led by the currencies. On charts nifty future is taking some support at every Fibonacci retracement level and then breaking below it for now down side is limited to 3800 level as we see fundamentals justified for blue chip stocks. 78.6% retracement level falls at 3800 level for nifty future, many traders are now turning neutral in market and don’t expect more selling from current level. However long term investors must and should buy midcap and some large cap stock, as this can be last leg of bear market in nifty futures.
About Bhaveek PatelBhaveek Patel is one of the most successful traders, technical analyst, and investor, his areas of interest include stock market, forex, and gold trading. Apart from this, he is often seen in the golf course. He is having more than 10 years of experience in trading, had placed his first order on 19 June 2006 with IndiaInfoline.
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