Yesterday Indian markets were down due to global markets and closed at 17396 which is -188 points. Yesterday bank nifty also corrected and closed at 37145which is -666 points.
The US market yesterday again corrected and closed in the red. Dow Jones yesterday closed negative by -614 points (-1.78%). IT index i.e. Nasdaq was also negative and closed -330 points (-2.19%).
Following are the supports and resistance for two major indexes of INDIA.
Nifty support – 17300-17350 & 17200-17250
Nifty resistance – 17500-17525 & 17600-17625
Bank nifty support – 36850-37050 & 36550-36700
Bank nifty resistance – 37300-37400 & 37675-37800
Yesterday (Foreign institutional investors) FII were net buyers and have bought 93 crores in the cash market. On the other hand (Domestic institutional investors) DII were net sellers and have sold 1627 crore in the cash market.
This week will be very crucial for markets all over the world. The FED this Wednesday late night will give an indication of tapering i.e. from when they will start pulling stimulus package and stop/reduce bond-buying program. Hence all markets will move in any direction after this and till then US market can consolidate on the lower side as it is.