Street Signs: Mkt may build on upside momentum, F&O stocks to swell to 219

FPI ownership in Indian companies has fallen to a decade low, yet their influence on domestic markets remains strong

Bulls in the cockpit: Is the market cleared for takeoff?

 

The domestic market has turned bullish, with the Nifty 50 climbing 4.2 per cent last week to close at 23,350. Technical analysts say the index has formed a long bull candle on both daily and weekly charts, signalling further gains. Nagaraj Shetti, senior technical research analyst at HDFC Securities, expects the Nifty to move towards the next resistance at 23,800 in the near term, with immediate support at 23,250. Amol Athawale, vice-president — technical research at Kotak Securities, shares a similar outlook but advises traders to follow a “buy on