FII and Pro have created huge sell positions on Friday 22nd Sep for 201175 contracts. Whenever FII and Pro create this kind of sell positions, the market tends to go in that direction. In the last 10 days, both FII & PRO have created sell position of 209294 contracts and in expire, they have created a short position of 167241. Thus the market is expected to go down further. Get free commodity market tips call on 9644405056– Register NOW our FREE TRADING TRIALS.
In the above situation, as per past records, if the market stays down for consecutive 8- 10 days from the date of its recent high. Nifty’s recent high was on 19th Sep of 10179, thus we can expect to sell until the end of this month. On Friday the Indian Benchmark Index Nifty fell by 1.56% and made a low of 9953 and closed at 9964.
Moreover Emerging Market Currencies have also started weakening from 8th Sep 2017 after ECB President Mario Dragi has signaled a tapering of stimulus. MSCI Emerging Market Currency Index has weakened by 1.56% after 8th Sep 2017.