What happened to DII bulls today. Did they give up? or tired, hiding for opportune moment. What is going on?
There was no pull back at all today. Markets went straight below 21 SMA without any hesitation.
During the day I went short with some call option cover just in case DII bulls wanted to shop on Monday and get busy with window dressing sept quarter results. We never know.
Today’s fall is due to below reasons.
Rupees weakening means FII moving money out of India
Market facing stiff resistance at 10150.
Fiscal deficit already touched 90% and govt wants to loosen this year to push growth.
Weak sentiments because of govt move to put stimulus, means it is acknowledging distress in the economy which is not going to improve immediately.
Market may see some more consolidation.
Bulls may be taking a weekend break. Don’t know what KIM will do for this weekend.
Disclaimer : I am long one lot Nifty Futures
DII did not match FII sel off today
FII. -1241 cr
DII. 541 Cr
Nice observation.