Yesterday Indian markets open with a gap as we were expecting the same but market had open high same and came down near 16400 but recovered and closed at 16496. Yesterday Bank nifty was still weak but managed to close above 35000 at 35126.
The US market yesterday was up by 215 points (+0.61%) on a closing basis. IT index i.e. Nasdaq also was positive and made an all-time high and closed by +227 points (+1.55%).
Following are the supports and resistance for two major indexes of INDIA.
Nifty support – 16450-16500 & 16375-16400
Nifty resistance – 16565-16590 & 16625-16700
Bank nifty support – 34825-34925 & 34500-34575
Bank nifty resistance – 35425-35550 & 35675-35775
On Friday (Foreign institutional investors) FII were net sellers and have sold 1363 crore in the cash market. On the other hand (Domestic institutional investors) DII were net Buyers and have bought around 1453 crore in the cash market.
In the US we can see a rotation where the IT index i.e NASDAQ taking lead and Dow is in the back seat. Yesterday NASDAQ made an all-time high also broader index S&P 500 also made an all-time high yesterday which shows that market will not fall heavily until unless COVID, Delta, Delta+ fear is gone.
