InvestorQ : How do you see the markets on 24th November after the bounce in the market seen on Tuesday?
Lavanya Subramanian made post

How do you see the markets on 24th November after the bounce in the market seen on Tuesday?

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diksha shah answered.
2 weeks ago
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On Tuesday, the market was in losses for most of the day, but towards the second half, gained ground and closed in the negative. Nifty closed 86 points higher on Tuesday, although it is now around 500 points away from the psychological 18,000 mark. The good news was that Paytm also rallied 10% after the carnage on Thursday and Monday.

The Advance/Decline ratio of the Nifty on Tuesday was sharply favourable at 40:10. However, the VIX continued its upward journey to above the 18 mark. VIX has now bounced from under 14 to well above 18 in just 2 days flat. Metals continued to drive the markets but the heavyweight financials continue to remain under stress.

FIIs net sold Rs.4,477 crore of equities on Tuesday 23 November while the DIIs bought stocks worth Rs.1,412 crore. FIIs are still on a wait and watch mode. In global markets, the Dow was up 55 bps and NASDAQ down 50 bps as techs came under pressure. European markets were sharply lower but SGX Nifty is up 27 bps in early trades on Wednesday.

It is hard to call the market but a lot will depend on how the market reacts to Jerome Powell and to the release of strategic petroleum reserves. The announcement of the Rs.7,250 crore Star Health IPO shows that the appetite for big ticket IPO is still intact in the market. That may be a good signal.

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