FIIs sold over ₹3,800 crore worth of equities, while their F&O positioning remained largely unchanged after expiry, reflecting a cautious stance on Indian markets, an analyst said
Indian equities opened little changed on Friday, following a sharp fall in the previous session. With investor sentiment remaining cautious, SEBI-registered analysts on Stocktwits share insights on how the session and short-term movement could unfold.
Nifty’s Short-Term Downtrend
From a technical perspective, Nifty’s recent close confirmed near-term weakness, signaling a short-term downtrend. Critical support lies at 24,300-24,350, and a breach below this zone could accelerate downside pressure, according to SEBI-registered analyst Varunkumar Patel.
https://stocktwits.com/Japfinserve/message/626962747
Foreign Institutional Investors (FIIs) sold over ₹3,800 crore worth of equities in cash, while their F&O positioning remained largely unchanged after expiry, reflecting a cautious stance on Indian markets, Patel said.
Overall, markets are likely to remain under stress through September unless a global trigger, such as a Fed rate cut or a geopolitical breakthrough, changes sentiment, he added.
Technicals Signal Caution
Nifty futures suggest a steady start after Thursday’s volatile expiry session, but technicals point to caution. The index slipped 211 points to close weak, with 24,540 acting as immediate resistance and 24,468 as near-term support, said SEBI RA Pradeep Carpenter.
https://stocktwits.com/PCRAnalyst/message/626963090
Broader levels show a key support zone at 24,400 and resistance around 24,700, setting the stage for range-bound trade.
For Bank Nifty, watch 53,800-53,600 on the downside and 54,300-54,500 on the upside. The Sensex has critical support near 79,700 and resistance closer to 80,700, he said.
On the macro side, India’s IIP grew 3.5% in July, the fastest in four months, led by strong momentum in infrastructure, construction, and consumer durables. This underscores resilient domestic demand despite global headwinds.
Traders should closely track Reliance ahead of its AGM, Maruti on EV rollout, and financial stocks like ICICI Bank. Expect choppy trade, but domestic fundamentals remain constructive, Carpenter added.
24,500 Appears As Key Support
Nifty’s technical setup appears fragile, with Thursday’s close confirming a break below the 100-DEMA, signaling intensified bearish pressure, according to Bharat Sharma.
Immediate support lies at 24,500, and a breach here opens the way towards 24,460, followed by 24,360-24,350. If weakness persists, the index could slide further to test the 200-day EMA near 24,200-24,250.
On the upside, resistance is capped at 24,580, with potential bounces toward 24,630–24,730, though sustaining higher levels appears difficult amid heavy “sell on rise” sentiment.
Scalping opportunities at 24,520
Nifty 50 remains oversold, with a “sell on rise” strategy offering better risk-reward. A reversal near 24,590 could trigger scalping opportunities towards 24,520 – 24,480, while a breakout above 24,728 is needed for a short-term pullback, noted Ashish Kyal.
For updates and corrections, email newsroom[at]stocktwits[dot]com. <