FII has been largely negative post unfriendly budget - Mr Mustafa Nadeem, CEO, Epic Research

Nifty closed below its 200 days EMA after February while selling pressure was seen much higher as compared to its last two previous days. The global cues have been positive though it is the domestic cues that are fueling the selling pressure.

Domestic cues have been largely negative since the Election results. Weaker Monsoon in Key areas has been a concern for markets while the slowing growth in the domestic rural market is a critical factor. Recent results from HUL with growth slowing down to 7 quarter low has further put a question on the economy. Slowing concerns have been there in place of the economy and recent muted numbers are further indicating the selling pressure may continue.

FII has been largely negative post unfriendly budget and weak quarterly numbers are intensifying this selling momentum. We believe the next support for the market is at 11150 - 11100 and beyond that, we are in a free fall.

Source : Equity Bulls

Keywords