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Nifty Deeply Oversold! Crude Cools, FIIs Keep Selling — Can IT Stocks Trigger a Relief Rally?
Indian markets enter today's session at a critical point.
After eight consecutive weekly declines, Nifty is now trading near multi-month lows and technical indicators have moved into deeply oversold territory.
The biggest question for investors is:
Can an oversold market finally see a relief bounce, or will continued FII selling keep the pressure alive?
There are some encouraging signals — particularly from crude oil and global IT — but foreign selling remains the biggest obstacle.
---->Nifty Is Deeply Oversold
The Indian market has gone through an unusually long period of weakness.
Nifty has recorded its eighth consecutive weekly decline, its longest losing streak in 25 years.
The index closed around 22,422 in the previous session, while technical analysts have highlighted the 22,200–21,740 zone as an important structural support area.
---->FIIs Are Still Selling
The biggest problem remains foreign institutional selling.
FIIs have been consistently reducing exposure to Indian equities.
In September alone, FIIs reportedly pulled out around ₹44,010 crore, while DIIs invested nearly ₹76,030 crore.
---->IT Could Provide the Market Some Support
One of the most interesting positive triggers is coming from global IT.
Accenture delivered a strong Q4