'Nifty could hit 18,000 level as FPIs turn upbeat'
Mint Mumbai|April 08, 2023
The pullback rally seen over the past Il sessions could extend the Nifty level to 18,000 as foreign portfolio investors (FPIs) cover bearish derivative bets while simultaneously turning net buyers in the cash segment in March and so far this month, two analysts said, while a third expects FPIs to retain their bearish bets and the market to consolidate with a negative bias.
Ram Sahgal
'Nifty could hit 18,000 level as FPIs turn upbeat'

On Thursday, FPIs closed out 3,040 contracts while buying a provisional ₹466 crore in cash, enabling the market to pare its losses and close in the green. As of Thursday, FPIS were net sellers of 106,259 contracts, down from a record short level of 194,626 contracts on 20 March.

This short covering of 88,367 contracts was the force behind the market's 4.6% rally from a low of 16,828 to 17,599, along with buying of ₹12,114 crore by domestic institutional investors. FPIs purchased shares worth only ₹651 crore over the period.

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