On Friday Indian markets again were strong and made an all-time high at 17792butclosed after slightly correcting at 17585 which is -44 points. On Friday bank nifty made a new all-time high after a long time at 38112 and also closed at all-time high levels at 37811 which is +143 points from Wednesday’s closing.
The US market yesterday again corrected on Friday and closed in the red. Dow Jones on Friday closed negative by -166 points (-0.48%). IT index i.e. Nasdaq was also negative and closed -137 points (-0.91%).
Following are the supports and resistance for two major indexes of INDIA.
Nifty support – 17380-17440 & 17275-17350
Nifty resistance – 17600-17625 & 17700-17775
Bank nifty support – 37325-37425 & 37050-37150
Bank nifty resistance – 37800-38000 & 38100-38300
Yesterday (Foreign institutional investors) FII were net buyers and have bought 1553 crore in the cash market. On the other hand (Domestic institutional investors) DII were net sellers and have sold 1399 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.