The rollercoaster ride is continued in the Indian stock market where global headwinds are causing pressure at higher levels amid supportive domestic cues.
World Markets World markets are trying to adjust with expectations of a sharp rise in interest rates in the US after record inflation but the elevating geopolitical tension is trying to make things worsen.
Domestic front On the domestic front, we will have our inflation data while the tail-end of earning session will have an impact on some individual stocks.
It is expected to hit the market soon that may bring at least 1 crore new Demat accounts and that could be a big positive for the dynamics of the Indian market because if 10 per cent of these investors become active then it will increase participation of retail investors.
Behaviour of FIIs The behavior of FIIs will also be an important factor because they are selling relentlessly however there was a minor buying figure on Friday due to some block deals.
Nifty Technically, Nifty is facing resistance at 100-DMA which is currently placed at 17650 level.
Banknifty has a comparatively strong chart structure however it is facing resistance in the 39000-39500 zone; above this, we can expect a fresh rally towards 40200/41000 levels.