SBI Securities: post #13092 — TG.ME

FIIs were net sellers in the cash market on August 28, offloading equities worth ₹5,040 crore. FIIs ended the week with net selling of ₹2,060 crore, following net selling of ₹1,602 crore in the previous week. Meanwhile, the FII long-short ratio in index futures declined marginally to 9.63% on August 28, compared with 9.83% in the previous trading session. Short buildup has been observed in index futures over the past three trading sessions, indicating a cautious stance among FIIs. On Friday, the benchmark Nifty traded within a narrow range of 111 points and ended on a positive note, gaining 0.35% and snapping a two-session losing streak. On the daily chart, the index formed a small-bodied candle, reflecting subdued directional conviction. Nifty has also been consolidating within a narrow range of nearly 300 points over the past few sessions, highlighting the ongoing range-bound setup. From a technical perspective, Nifty continues to trade below its 20-day and 50-day EMAs, keeping the short-term structure cautious. The daily RSI remains neutral around the 50 mark, indicating a lack of strong directional momentum. Meanwhile, the rising ADX from lower levels suggests that volatility could gradually pick up. However, in the absence of a decisive breakout, the index is likely to remain range-bound in the near term. Going forward, the 24,000–23,970 zone is expected to act as a crucial support area. A decisive break below 23,970 could trigger further weakness and pave the way for a correction towards 23,820. On the upside, the 24,300–24,330 zone is likely to act as an immediate resistance hurdle. A sustained move above 24,330 would be required to improve the near-term outlook and open the door for further upside. https://x.com/_sbisecurities/status/2093533281866457546

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