ICICI Direct: Derivatives Monthly Outlook - Nifty Likely To Face Hurdle Near 11,300-11,500 Amid Volatility
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ICICI Direct Report
The Nifty snapped its winning streak in three expiries on the back of the global equity sell-off, which dragged it lower in the expiry week. It lost almost 6% during the series.
The September series started on a positive note with strong buying seen in technology and pharma stocks.
Closure of shorts was also seen in cement and select consumer and goods stocks. However, underperformance was seen in banking financial services and insurance and fast moving consumer goods stocks.
Declines appeared to be triggered by weak global sentiments due to concerns about the economic recovery in the U.S. and fears of a lockdown in Europe for a second wave of Covid-19.
Following it, the dollar index also rose almost 3% from its low, which led to sharp foreign institutional investor outflows in the expiry week.
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