Yesterday again we made a new all-time high at 16290 on NIFTY and even closed at the all-time high levels at 16258.
The US market yesterday was mixed where Dow jones was -323 points (-0.92%) whereas the IT index i.e. Nasdaq was positive by 19 points (0.13%).
Following are the supports and resistance for two major indexes of INDIA.
Nifty support – 16125-16175 & 15925-16000
Nifty resistance – 16275-16325 & 16375-16400
Bank nifty support – 35600-35800 & 35350-35450
Bank nifty resistance – 36350-36400 & 36475-36600
On Friday (Foreign institutional investors) FII were net Buyers and have bought 2829 crore in the cash market. On the other hand (Domestic institutional investors) DII were net sellers and have sold around -411 crore in the cash market. The DII, retail investors, and traders who are consistently buying in this market have helped the market to clear a big level of 16000 and close at an all-time high. It’s a FOMO (Fear of missing out) buy FII where they have covered shorts and created a long position as well at an all-time high.
As mentioned yesterday bank nifty has to cope up and yesterday bank nifty closed above 2.33% which is 820 points in itself. Today is 1st weekly expiry of the Aug series where we expect a range of 16200-16300 of NIFTY.
There is 4 IPO’s open yesterday and all retail investors have subscribed by 7-11 times on the first day itself which indicates euphoria in the primary market which is a negative sign for a market. Out of the 4, IPO’s only 2 IPO’s are recommended. Before taking any decision one must contact their personal financial consultant.
Recommended IPO’s – 1. Devyani 2. Krsnaa Diagnostics Both IPO’s look good for listing gains and long-term investment.