FII/FPIs net sell Indian equities worth Rs 4113 crore while DIIs net bought Rs 4103 crore on January 23

FII/FPIs net sell Indian equities worth Rs 4113 crore while DIIs net bought Rs 4103 crore on January 23

Foreign investors (FIIs/FPIs) net sold Rs 4,113 crore worth of Indian equities on January 23. At the same time, domestic institutional investors (DIIs) net bought shares worth Rs 4,103 crore, according to provisional exchange data.

DIIs purchased shares worth Rs 18,259 crore and sold shares worth Rs 14,156 crore. In contrast, FIIs bought shares worth Rs 13,550 crore but sold shares totalling Rs 17,664 crore.

For the year so far, FIIs have been net sellers of shares worth Rs 40810 crore, while DIIs have net bought shares worth Rs 54821 crore.

Market Performance

Reflecting on the markets performance this week, Amol Athawale, VP – Technical Research, Kotak Securities, said, "In the last week, the benchmark indices corrected sharply. The Nifty ended 2.44 percent lower, while the Sensex was down by 2030 points. Among sectors, all the indices are in the negative territory. Realty lost 11.25%, Nifty Consumer durables index fell 6.50, and Capital market index shedded 6 percent."

During the week, the market slipped below the 200-day SMA (Simple Moving Average), and post-breakdown selling pressure intensified. Technically, on weekly charts, it has formed a long bearish candle and is comfortably trading below short-term averages, which is largely negative.

He adds, "We are of the view that as long as the market trades below the 100-day SMA or 25500/83000, the weak formation is likely to continue. On the downside, 24900/81100 would act as an immediate support zone. Below this level, selling pressure is likely to accelerate. Further below, the market could slip to 24700,–24,500/80500-80000. On the upside, above 25,200/82000, we could see a quick pullback up to 25,350–25,500/82500-83000."

For Bank Nifty, 58,000 would act as a key level for traders. Below this, the correction wave is likely to continue until 57,500–57100. Conversely, above 59,000, it could bounce back up to 59,350–59,500.