Nifty rallies on back of rupee recovery, nifty technical analysis

FIIs sold 24369 contracts of Index Future (Entered fresh shorts in 7061 contracts and booked profit in  17308 Longs) worth 662 cores with net Open Interest decreasing by 10247 contracts. So as per data analysis, FII's are still entering in fresh shorts  in NF and BNF,The rally we saw today was backed by short covering and fresh shorts were entered at higher levels. So from past 2 days nifty is rallying and FII's are entering shorts so probably we can see one more downside near expiry.Do remember FII's are always hedged so blindly do not short the market thinking

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