Market View 28 Feb 2024:
There was a time when Indian market danced to the tune of FIIs and DIIs. The times have changed now. In Jan and Feb 2024, it is Indian retailers who are calling the shots. They pumped so much money in Indian market in Jan 24 that despite DIIs+FIIs jointly holding net short positions in Index Futures, the market did not retrace and kept rising.
In the first week of Feb 24 the short positions of FIIs+DIIs in Index Futures were 22% more than their long positions but as on 27 Feb by end of day, they have winded up more than 50% of their short positions and now they are holding just 11% net short positions in Index Futures.
A quick analysis of Volume Profile (as per Zeta Volume Profile Pro) indicates that significant up or down move will happen in Nifty50 above 22224 (for up move) or below 22140 (for down move).
The price is now in consolidation zone and world markets have shown no significant move in last 24 hours. However, Indian market is in a unique position now, attracting lot of foreign investment due to slowing down Europe and China. In the absence of any negative news so far, it is expected that the Nifty50 might touch new highs by monthly expiry on 29 Feb.
Keep tracking your charts for live interpretation of market moves.
There was a time when Indian market danced to the tune of FIIs and DIIs. The times have changed now. In Jan and Feb 2024, it is Indian retailers who are calling the shots. They pumped so much money in Indian market in Jan 24 that despite DIIs+FIIs jointly holding net short positions in Index Futures, the market did not retrace and kept rising.
In the first week of Feb 24 the short positions of FIIs+DIIs in Index Futures were 22% more than their long positions but as on 27 Feb by end of day, they have winded up more than 50% of their short positions and now they are holding just 11% net short positions in Index Futures.
A quick analysis of Volume Profile (as per Zeta Volume Profile Pro) indicates that significant up or down move will happen in Nifty50 above 22224 (for up move) or below 22140 (for down move).
The price is now in consolidation zone and world markets have shown no significant move in last 24 hours. However, Indian market is in a unique position now, attracting lot of foreign investment due to slowing down Europe and China. In the absence of any negative news so far, it is expected that the Nifty50 might touch new highs by monthly expiry on 29 Feb.
Keep tracking your charts for live interpretation of market moves.
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Our Telegram Channel: @CheetaTrader
join to complete FREE TRAINING on how to use the indicators effectively and then request @jellygill for FREE TRIAL