Yesterday Indian markets were weak in the first half but recovered and closed super positive. Nifty closed at 17315 which is+197 points. Yesterday bank nifty was also strong and closed at 36348 which is+330 points.
Yesterday US market was positive. Dow was +254 points (+0.74%). IT index i.e. Nasdaq was also strong and closed +270 points (+1.95%).
Today’s support and resistance
Nifty support – 17175-17275& 17000-17100
Nifty resistance – 17450-17500& 17565-17625
Bank nifty support – 35900-36025& 35650 – 35750
Bank nifty resistance – 36475-36600& 36800-36900
Yesterday (Foreign institutional investors) FII were net buyers and have bought384 crore in the cash market. On the other hand (Domestic institutional investors) DII were net sellers and have sold602 crore in the cash market.
The war is cooling off after 27 days and now Ukraine and Russia are talking with each other to end the war. This is what the market liked and hence there was a relief rally in markets in India.
Those investors who invested in every dip will be enjoying the super-profits. They can stay invested or can exit and again think of buying on dips.
Now the war is about to end as per reports but we still need to wait for a final conclusion.
Now Russia has cooled off and now FII’s have started buying in Indian markets after a long time and hence we are getting gap up’s. Traders now can change their way of trading by trading into stocks for a shorter term and keep booking profits.
We will wait for some more days to decide the FII’s buying is going to continue or again start selling.
The market will not consider any news of new covid variant in china until and unless this news comes from other countries. So still we need to look at crude oil and metal prices which are a reason to worry and also the war tensions.