Nifty crosses the trendline

TECHNICAL ANALYSIS

- ■VK SHARMA

IF ONE RECALLS, we had said last fortnight that a gentle nudge above the 25,100 mark can be sufficient to induce a change of heart among foreign institutional investors (FIIs).

But a close above 25,400 will send even the most battle-hardened FII scurrying for cover.

That is precisely what happened when the Nifty closed above the 25,400 mark. FIIs' short positions, which were at their highest at 98% earlier last week, were down to 80% by Friday evening. The great short covering has just begun.