Yesterday Indian markets were volatile and consolidating between 17300-17400 but made all-time high once just by 2 points at 17440 and closed at 17380 which is +30 points. Yesterday’s bank nifty was also consolidating and closed at 36613 which is+141 points from Yesterday’s closing.
The US market yesterday again corrected and closed in the red. Dow Jones Yesterday closed negative by -292 points (-0.84%). IT index i.e. Nasdaqwas consolidating and closed -67 points (-0.45%).
Following are the supports and resistance for two major indexes of INDIA.
1. Nifty support – 17300-17350 & 17200-17275
2. Nifty resistance – 17375-17425 & 17475-17525
3. Bank nifty support – 36325-36475 & 36050-36200
4. Bank nifty resistance – 36750-36850 & 3690-37000
Yesterday (Foreign institutional investors) FII were net buyers and have bought 1650 crore in the cash market. On the other hand (Domestic institutional investors) DII were net sellers and have sold 310 crores 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 again corrected but still, the Indian market can break the range on the upside or can consolidate. This shows the strength in the Indian market.