Yesterday Indian markets recovered after making a low of 18216. Yesterday Indian markets closed positive at 17503 which is +86 points. Yesterday bank nifty was also weak in the morning but recovered and closed at 37272 which is+144 points.
The US market was in a mode of profit booking but yesterday Dow Jones closed positive by +194 points (+0.55%). IT index i.e. Nasdaq was weak and closed -79 points (-0.50%).
Following are the supports and resistance for two major indexes of INDIA.
- Nifty support – 17400-17440 & 17225-17275
- Nifty resistance – 17550-17600 & 17625-17675
- Bank nifty support – 37000-37125 & 36650-36750
- Bank nifty resistance – 37450-37575 & 37750-37925
Yesterday (Foreign institutional investors) FII were net Sellers and have sold 4477 crores in the cash market. On the other hand (Domestic institutional investors) DII were net Buyers and have bought 1412 crore in the cash market.
Also Read: Today’s Stock Market Update
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. Closing above 18000 on nifty and 38750 on bank nifty will now give confidence for further up move until then the market can be seen as sell on every rise.