Market setup: Extremely oversold, some more bounce possible
The dollar index has been stable at 99 and has not been inching up. So that's a bit of a positive. Brent crude still elevated at $130 per barrel. So that remains a bit of an irritant for the bulls.
While the market is in a bear phase, it is extremely oversold in the near-term. So some more bounce is possible. Yesterday the market ended up at the highest point of the day despite the FIIs selling.
Yesterday’s low has marked some kind of a land in the sand. 15,671 is the market in which one will have to have a deep stops and perhaps lower quantity if one is trading.
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The dollar index has been stable at 99 and has not been inching up. So that's a bit of a positive. Brent crude still elevated at $130 per barrel. So that remains a bit of an irritant for the bulls.
But couple of important factors would be penultimate day of the weekly F&O series normally hurt trending day on Wednesdays and of course, third day of billion dollar FII selling, and that really remains a big overhang on the market, even on days when the markets going up FIIs are selling big.
Watch the accompanying video of CNBC-TV18’s Anuj Singhal for more details.
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First Published: Mar 9, 2022 9:08 AM IST
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