Beware! FIIs selling for three weeks now: Ashish Chaturmohta

By Ashish Chaturmohta, Head of Derivatives and Technicals at Sanctum Wealth Management

The Nifty closed marginally higher for the week at 9,857 levels as it consolidated during the week. FII's have been net sellers for the past three weeks, but it has been mostly absorbed by positive inflows from domestic institutions.

The correction from the rising channel resistance line of 10,138 has taken support at 9,700 levels and the market holding above it. The basic structure of higher tops and higher bottom on weekly chart remains intact which is a positive for the market.

The recent low of 9,686 has taken support at short term rising trend line and the previous swing high, which are acting as support for the market. Now, sustaining above 9,730 levels, index may rally see towards 10,000 levels. In Nifty options strike price, 10,000 call has the open.