banknifty- Can the pullback be sustained?

٨ مارس ٢٠٢٢

banknifty closed witha n impressive green candle --despite a choppy & volatile rollercoaster day-making a strong rally in the closing hour. The rally was driven by short covering? Global cues were hardly reassuring. Oil is likely to wreak havoc. Everyone is hoping for a resolution soon otherwise 28805 will be in reckoning soon. FII sold for 8143cr ---taking their total selling since Jan to 121,306cr last year jan-dec they had sold for 93.5k cr---this has already been surpassed. Weak rupee and high crude will not pacify investors. What happens when DIIs start seeing redemptions and pausing of SIPs?? What do you think?