Foreign institutional investors (FII) bought shares worth a net of Rs 2,641.05 crore while domestic institutional investors (DII) offloaded shares worth a net of Rs 2,351.66 crore on Wednesday, July 6, 2023, according to the data available on NSE.
For the month till July 6, FIIs bought shares worth a net Rs 8,374.45 crore while DIIs sold shares worth a net Rs 3913.15 crore. In the month of June, FIIs bought shares worth a net of Rs 27, 250.01 crores while DIIs purchased equities worth a net of Rs 4, 458.23 crores.
“The Nifty resumed its uptrend after two days of consolidation and achieved our short-term target of 19500. It closed with gains of witnessed a day of ~87 points. On the daily charts, we can observe that Nifty broke out of the Inside Bar pattern on the daily charts which indicating a resumption of up move. The hourly momentum indicator has a negative crossover which is a concern because in the absence of support from the momentum indicator it may be unable to sustain at higher levels. Overall, the trending moves are resuming and slowly it is inching higher. We revise the target upwards to 19900. In terms of levels, 19300– 19270 shall act as a crucial support zone while 19650 – 19670 shall act as a crucial resistance zone,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
“As far as Bank Nifty is concerned, the Index continued to trade within a range (45000 – 45660) for the third consecutive day. Overall, the Bank Nifty is in consolidation mode after a sharp run-up. The hourly momentum indicator has a negative crossover and negative divergence which indicates a loss of momentum on the upside. Overall, the range of consolidation is likely to be 45000 – 45600,” Jatin Gedia added.
Who are FIIs, DIIs?
Foreign institutional investors (FII) or Foreign portfolio investors (FPI) are those who invest in the financial assets of a country while not being part of it. On the other hand, domestic institutional investors (DII), as the name suggests, invest in the country they’re living in. Political and economic trends impact the investment decisions of both FIIs and DIIs. Additionally, both types of investors – foreign institutional investors (FIIs) and domestic institutional investors (DIIs) – can impact the economy’s net investment flows.