On Friday Indian markets have again shown huge correction and closed negative at 17671 which is -185 points. On Friday bank nifty also corrected a lot and closed negative at 39115 which is -393 points.
The US market yesterday was super positive and closed at day’s high levels on Friday. Dow Jones on Friday closed positive by +89 points (+0.25%). IT index i.e. Nasdaq was positive and closed +50 points (+0.33%).
Following are the supports and resistance for two major indexes of INDIA.
Nifty support – 17575-17625 & 17450-17525
Nifty resistance – 17750-17800 & 17900-17950
Bank nifty support – 38675-38775 & 38425-38525
Bank nifty resistance – 39350-39500 & 39700-39775
On Friday (Foreign institutional investors) FII were net Sellers and have sold 5143 crores in the cash market. On the other hand (Domestic institutional investors) DII were net Buyers and have bought 4343 crores in the cash market.
The Global markets are positive and trading at all-time high levels but still Indian markets corrected a lot on Friday due to FII’s Selling. The reason why our stop loss for investors was triggered was due to huge FII selling’s. For the last 5-8 days FII has sold more than 15000 crores of stock. Now as the strong levels of 17950-18050 have broken so we need to wait for some days to buy further. I still don’t think that this Bull Run has ended. This can be seen as a running correction and we can again make all-time highs in short term.