By theindianinvestor 
Tuesday, 11th Feb 2025
Time : 8:00 AM IST
insights ;
1. Yesterday, Nifty fell by 178 points and closed at 23,381.
2. It was a broader market sell-off, with the Nifty Midcap100 and Smallcap100 indices falling over 2%.
3. The fall was due to comments by Trump on 25% tariffs for steel and aluminium imports.
4. Due to this, the rupee opened lower and continued to trade lower, now at 87.5 per dollar.
5. If the rupee does not stabilize against the dollar, we could see more pull-out from FIIs, which may further drag the markets.
6. Yesterday, FIIs sold more than Rs 2,400 crores in the cash market, while DIIs continued to buy, net bought Rs 1,500 crores.
7. FIIs are increasing their shorts in index futures; their long-to-short ratio now stands at 15%:85%.
8. Gold is hitting record highs.
9. With ongoing trade uncertainties, gold prices may rise even further.
10. Yesterday, India VIX was up by 5.5%.
11. US markets ended in green.
12. Asian markets are positive.
13. Japan markets are closed.
14. GIFT Nifty indicates a 40-point gap-up opening.
15. The dollar index is trading at 108.4, and US bond yields are at 4.5%.
16. Dow futures are trading negative.
17. The question is whether the gap-up sustains, as FIIs continue to sell whenever markets attempt to move higher intraday.
18. Nifty may remain range-bound with a negative bias.
19. Nifty support is around 23,200 (the low of February), and resistance is at 23,600 (the 200-day moving average).