Top Stock Recommendations: Osho Krishan of Angel One suggests buying DMart, and Nestlé India today
₹15,863 crores this month, is a significant current trend in the market. Despite their continued buying, DIIs are not as aggressive as they previously were because of some uncertainty over the election results. It's critical to recognise that, in addition to the high US bond yields there is now another driver driving FII selling.
Also Read: Sensex Today Live Updates : Sensex down 200pts, Nifty red at 22,230; SKF, Hero Moto, Kirloskar Oil gain, PEL down This is the outperformance of the Chinese and Hong Kong markets, continued Vijayakumar. In the past month, the Shanghai Composite has increased by 2.62% and the Hang Seng by a staggering 8.8%, compared to the 1.5% decline on the Nifty 50. The markets in China and Hong Kong have relatively low PEs, about 10, but the market in India has twice the PE of these two regions.
FIIs are expected to sell as long as the Chinese and Hong Kong markets continue to prosper. The main cause of the frontline financials' downturn is FII selling. Nifty 50 Outlook by Osho Krishan, Sr. Analyst, Technical & Derivatives, Angel One Technically, there's no change in the price action for Nifty 50, but a positive note that can be considered is the price holding at a crucial support level, coinciding with a bullish gap and 61.8% retracement of the rally seen from April lows.
The oversold intra-day conditions prompted prices to defend these key levels, said Osho Krishan, Sr. Analyst, Technical & Derivatives, Angel One. Going ahead, the focus will be on how prices react around 22,150–22,100 levels; a breach could signal a 'Rising Channel' breakdown, potentially leading to further decline towards 22,000 and testing April lows of 21,800 in the near term.
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