Indian Stock Market News

Today morning both major US index futures are positive with 90 and 25 points respectively hence Singapore nifty (SGX NIFTY) trading positive by 40 points hence will be gap up opening of Indian Markets.

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Yesterday Indian markets were volatile and consolidated between 17300-17400 and closed at 17355 which is just -13 points. Yesterday bank nifty was in correction mode and closed at 36471 which is-211 points from Thursday’sclosing.
The US market yesterday recovered after correction and closed in green. Dow Jones Yesterday closed positive by +261 points (+0.76%). IT index i.e. Nasdaqwas consolidating and closed -9 points (-0.066%).

Following are the supports and resistance for two major indexes of INDIA.

Nifty support – 17275-17300 & 17200-17250
Nifty resistance – 17375-17425 & 17475-17525
Bank nifty support – 36325-36425 & 36050-36200
Bank nifty resistance – 36675-36775 & 36850-37000

Yesterday (Foreign institutional investors) FII were net buyers and have bought 1491 crore in the cash market. On the other hand (Domestic institutional investors) DII were net sellers and have sold560 crore in the cash market.
A correction in Dow jones can stop the Outperformance of Indian markets and hence Indian markets can consolidate in the upper range. Buying in Indian markets can be done on a support range where supports and shift slightly on the lower side.
The above-given point was so perfect that Indian markets just consolidated and not corrected with US markets. Now, the US market trying to recover and hence Indian market can break the range on the upside. This shows the strength in the Indian market.