Wednesday trade: FIIs invest ₹149.33 cr, while DIIs sell ₹203.87 cr

Domestic equity benchmarks the Sensex and the Nifty extended their losses into the second consecutive session on May 17 amid weak global cues as investors remained cautious due to no breakthrough over the US debt ceiling yet.

As per NSE data, on May 17, FIIs’ buy value was at ₹7,478.25 crore and sell value at ₹7,328.92 crore — resulting in an inflow of ₹149.33 crore.

While DIIs buying value stood at ₹6,046.80 crore and selling value at ₹6,250.67 crore — recording an outflow of ₹203.87 crore from Indian stocks in the day.

In the previous session, FIIs infused ₹1,406.86 crore crore, and DIIs sold ₹886.17 crore.

FIIs have been buying domestic equities since April 26th, while DIIs have shown a mixed performance.

Sensex opened flat at 61,932.32 but fell 592 points in intraday trade to hit the day’s low of 61,340.10. The index closed with a loss of 372 points, or 0.60 per cent, at 61,560.64 while the Nifty ended at 18,181.75, down 105 points, or 0.57 per cent.

The benchmark index on 17th May witnessed a mildly negative opening and continued to trade lower through the day with the lower high lower low formation on the intraday time frame, according to Rohan Patil, Technical Analyst, SAMCO Securities,

“After forming a bearish engulfing candle stick pattern, Nifty index carry forwarded its negative momentum for the second consecutive day and closed below 18,200 with a loss of 0.57%. The index has retraced by 38.20% Fibonacci level from the low of 17,553 to the high of 18,458 at 18,115 levels. The index is approaching closer to its 21–day exponential moving average on the daily chart which is placed at 18,065 levels,” he said.

“Nifty on the 60 mins chart has witnessed an ending diagonal pattern breakdown and sustained below the same. Over the near term, the trend is likely to remain in a bearish to sideways tone as indicators are overheated near its overbought zone. The support for the Nifty is placed at around 18,100 – 18,050 levels and resistance are capped at 18,450 levels. In case, the Nifty breach below 18,050 levels than 17,900 will be the next support zone,” he added.