NIFTY Finding much needed support.

NIFTY is finding much needed support in the 16830 to 16866 range. Although market ended in negative due to relentless support by FIIs which was Rs 6266 Crores today. DIIs bought again in big number and were net buyers for Rs. 2881 Corers. One has a strong feeling that bottom is being formed and once the FII buying returns or not net negative for some days chances are that there will be a rally. The rally can go upto 17900 levels and beyond if it has enough steam to cross 18000. FIIs are still not recovering from US Feds Hawkish stand and are relentlessly selling in emerging markets and rest of Asia. DIIs powered by lush money streaming in from retails is the solid reason why market has not crashed to 15.5K or below levels. EU zone for last two days has been in strong green and Dow Jones Industrials is showing early signs of recovery. Nasdaq however is yet to recover as Big Tech is still in deep red. This means IT stocks will still be under pressure on Friday. Banks may lead the charge if Nifty has to close the week with a Green candle.