Yesterday Indian markets were weak. Indian markets have a lack of buying interest as mentioned earlier and hence we closed again below 18000 levels. Hence yesterday closed negative at 17898 which is -100 points. Yesterday bank nifty was also weak and closed at 38041 which is-265 points.
The US market was in a mode of profit booking yesterday. Dow Jones yesterday closed negative by -211 points (-0.58%). IT index i.e. Nasdaq was also negative and closed -52 points (-0.33%).
Following are the supports and resistance for two major indexes of INDIA.
- Nifty support – 17800-17825 & 17675-17750
- Nifty resistance – 17950-18000 & 18025-18100
- Bank nifty support – 37750-37825 & 37525-37675
- Bank nifty resistance – 38300-38450 & 38550-38700
Yesterday (Foreign institutional investors) FII were net Sellers and have sold 344 crores in the cash market. On the other hand (Domestic institutional investors) DII were net Sellers and have sold61 crore in the cash market.
Global markets are very near to all-time high levels and it seems that there been profit booking going since last 2 days. Indian markets are correcting as there is a lack of buying interest above 18000 levels. Yesterday we have closed 100 points down from 18000 and if today we close above 18000 then in the next week we might resume up move. Today’s weekly expiry will play a very important role for markets as the market looks oversold and this seems to be the best day for a bounce back.