banknifty- FIIs/DIIs net selling continues
Banknifty could have made a more spectacular recovery but for net selling of 1543cr today by the FII/DIIs. Shortcovering took the market to new highs on money power of DIIs and Retail investors as FIIs again sold for a massive 4819cr. Oil prices recovered but still remain too high for comfort. Inflation fears are still real. Are all the downside factored in ? Resolution of Ukraine issue it seems should happen soon with turkish intervention. So The green candle could be a signal to offload stocks onto retail investors suffering FOMO. Caution advised. Market may be close to bottom but yet to settle down. Expect some bounce till 34500 before correcting. What do you think?
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