Foreign Institutional Investors (FIIs) have turned net sellers in the past few days, indicating a cautious stance in the market.
"The recent downgrade of the US rating by Fitch is unlikely to be a major concern since rating changes often come with certain repercussions. Nevertheless, it could provide an opportunity for some investors to take profits, leading to a possible pullback in the market," said Santosh Meena, Head of Research, Swastika Investmart Ltd.
" If the Nifty index begins to trade below its 20-Day Moving Average (20-DMA) around 19600, it might experience further declines toward 19300 and 18888 levels. The overall structure of the Indian market is bullish; therefore, any correction will be a buying opportunity for investors," added Meena.
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