On Wednesday, markets resumed their downward trajectory after a brief rebound in the previous session, as persistent foreign fund outflows and selling in banking, financial services and automobile stocks weighed on benchmark indices. Analysts say Indian equities are likely to remain volatile driven by developments in the West Asia conflict, sharp movements in crude oil prices and continuous foreign fund outflows.
STATE OF THE MARKETS
- Tech View: A death cross occurs when the 50DMA cuts the 200DMA from above. If this happens, further rounds of selling pressure could emerge, potentially pushing the Nifty significantly lower. Supports are placed at 23,700 and 23,300, while on the higher end, resistance is placed at 24,100.
- India VIX: India VIX, which is a measure of the fear in the markets, rose 11% to settle at 21.06 levels.
Stocks in F&O ban today
Samman Capital
SAIL
Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.
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FII/DII action
Foreign portfolio investors net sold shares worth Rs 6,267 crore on Wednesday. DIIs, meanwhile, were net buyers at Rs 4,966 crore.
Rupee
The rupee declined 16 paise to settle at 92.01 against the US dollar on Wednesday, weighed down by a sharp rise in global crude oil prices and a stronger greenback as the war in West Asia raged on.
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