After The Bell: Nifty slips below 15700, what should be the investment strategy in the market on Thursday

Weakness was witnessed in the market today due to sluggish global cues and continuous selling by FIIs. Sensex slipped nearly 300 points today. Whereas Nifty closed below 15700.

Significantly, on June 21 and 22, FIIs have sold more than Rs 2000 crore in Indian equity markets. On the other hand, on a monthly basis, FIIs still remain net buyers. So far in June, there has been a purchase of Rs 3576 crore from the FII side.

Vinod Nair of Geojit Financial Services It says that due to the absence of any major trigger in the domestic market and the withdrawal of foreign funds from the market, investors remain on the sidelines and the market is seeing consolidation. Foreign signs are also mixed.

He further said that in today’s business, all sectors except auto closed in the red mark. All the big companies of the auto sector have decided to increase the prices, whose effect is being seen on the auto sector. With the gradual lifting of the lockdown and the rapid increase in vaccination, we will see economic activities increasing, the effect of which will be seen in the second half of this financial year.

What is tomorrow’s strategy in the market

Gaurav Ratanparkhi of BNP Paribas Lets say after gap opening Nifty tried to touch recent high of 15900 today but faced resistance after that Nifty slipped and it formed an Engulfing Bear candle on Daily chart.

Formation of this bearish candle indicates that Nifty is in consolidation mode and is under pressure from higher levels. Nifty can go down towards 15600. Gaurav Ratanparkhi says positional traders can take fresh long around 15600. After the completion of short term consolidation, the next round of bullishness will start in Nifty and it will touch the level of 16000.

Shrikant Chavan of Kotak Securities It is said that today there was a lot of volatility in the market. After opening sharply, it closed in the red mark. This could be due to the expiry of monthly and quarterly F&O contracts and the Reliance Industries AGM to be held on Thursday.

On Thursday, the market will be seen moving between 15800/52800 and 15550/51700. If it goes below 15670/52250, then this decline may increase further and we can also see the level of 15550/51700.

On the contrary, if the Sensex-Nifty stays above 15670/52250, then we can see the level of 15800/52800 on the upside.

Chandan Tapadiya of Motilal Oswal Financial Services Says that today Nifty made a bearish belt hold candle on the daily scale with a fall of about 85 points. He says that to go further towards 15800-15900, Nifty will have to stay above 15700. On the downside, there is support for Nifty in the zone of 15600-15550.

Facebook us for social media updates (https://www.facebook.com/moneycontrolhindi/) and Twitter (.) to follow.

.