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View Full Version : Nifty To Open Gap Down On FII Selling & US Rate Hike Chances



DynamicLevels
11-15-2016, 06:08 AM
India's Benchmark Nifty (https://www.dynamiclevels.com/en/nifty/nifty-share-price) is opening 100 points gap down today. FII's have been heavy sellers in both cash and F&O segment. This is the result of Dollar outflows from the country because of the increased probability of a December Rate hike by the US FED. The chances of December rate hike has increased as confirmed by the upside breakout in the 3 month US treasury yield. Similar phenomena occurred during FED's last rate hike in Nov-Dec 2015, where Nifty fell by 500 points. The big support for Nifty stands at 8076, the panic low of last week when the US presidential election results were announced. Banking stocks continue to outperform their peers globally which makes 19500 a major support for Bank Nifty and an important resistance at 20300.Nifty Futures is expected to open at 8235 as per SGX Nifty at 8:30 am IST, which is 100 points below its previous close of 8335.