Know the rise in the stock market due to the buying of foreign investors and how much the stock market will go up
Market is up due to foreign investors and China
Vinod Nair, Head of Research, Geojit Financial Services, said, “The domestic market continued to grow on the back of investment from foreign institutional investors. However, the eyes of the market will be focused on the address of the head of the Federal Reserve, Jerome Powell. If Powell hints at slowing the pace of interest rate hikes, this rally will get a boost. Investors expect a change in the pace of rate hikes. At the same time, the global market has got relief due to the relaxation of Corona restrictions in China.
Now Nifty will touch 19,000 level
Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan said, “After consolidating in the range of 18600 to 18700 for the last few sessions, Nifty has crossed the barrier of 18700 today. After crossing this barrier of 18700, fresh momentum is visible in the index. He further added, “The hourly and daily upper Bollinger bands have expanded with the price action. It helped the Bulls today. In this way Nifty is ready to touch the level of 19,000 upwards. On the other hand, looking at the lower levels, 18700 to 18600 has now become the short term base for Nifty. A reversal for this short term bullish position can be seen below this support zone.
Foreign investors continue to buy
Meanwhile, foreign investors continued their buying spree in the domestic markets. According to available data, FIIs made net purchases of shares worth Rs 1,241.57 crore on Tuesday. Talking about foreign markets, South Korea’s Cospi, China’s Shanghai Composite and Hong Kong’s Hangseng closed with gains in other Asian markets. While Japan’s Nikkei declined. Stock markets in Europe registered gains in the afternoon session. There was a mixed trend in the US markets on Tuesday.
