Indian equities are likely to extend the run for the sixth straight day today as FIIs continue to buy Nifty Futures.
The F&O game is nicely played by FIIs. The way Indian market sold-off and recovered, we believe lot of innocent investors have burned their fingers in both equities and F&O segment. With absolutely no buying in the cash segment FIIs bought Nifty futures two times this week.
The sole purpose of F&O remains in big jeopardy as few funds are misusing it for their benefits. There is nothing in store for small investors, given the kind of volatility the Street is witnessing from the last one month. There may be more in the offing. While long term investors always win if the company's fundamentals are in tact, traders bear the brunt of manipulated activities
There is one short term resistance which the indices need to cross for them to gallop further. This resistance comes in @ 18542 for the Sensex and 5556 for the Nifty. Above these levels the indices will see the bullish trend continuing. On the lower side supports come in @ 18345 for the Sensex and 5504 for the Nifty. Hold a scrip specific view