On Thursday Indian markets were weak. Indian markets have a lack of buying interest as mentioned earlier and hence we closed again below 18000 levels. Hence on Thursday closed negative at 17764 which is -133 points. On Thursday bank nifty was also weak and closed at 37976 which is -65 points.
The US market was in a mode of profit booking on Friday. Dow Jones on Friday closed negative by -268 points (-0.75%). IT index i.e. Nasdaq was strong and closed +63 points (+0.40%).
Following are the supports and resistance for two major indexes of INDIA.
- Nifty support – 17625-17700 & 17500-17575
- Nifty resistance – 17800-17875 & 17900-17950
- Bank nifty support – 37575-37750 & 37350-37450
- Bank nifty resistance – 38225-38300 & 38450-38600
Yesterday (Foreign institutional investors) FII were net Sellers and have sold 3931 crores in the cash market. On the other hand (Domestic institutional investors) DII were net Buyers and have bought1886 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. 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.