Must Know Stock Market Update On Monday

Today morning both major US index futures are Positive by +217 and +20 points respectively hence Singapore nifty (SGX NIFTY) trading Flat to positive by +15 points hence will be opening flat to gap up on Indian Markets.

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On Friday Indian markets were weak and closed at 17196 which is-204 points. On Friday bank nifty was also weak and closed at 36197 which is-311 points.

On Friday US market was weak and closed Negative by -59 points (-0.17%). IT index i.e. Nasdaq was also Weak and closed -295 points (-1.92%).

Following are the supports and resistance for two major indexes of INDIA.

  • Nifty support – 17050-17150 & 16925-16975    
  • Nifty resistance – 17275-17350 & 17400-17475  
  • Bank nifty support – 35900-36050 & 35500-35700    
  • Bank nifty resistance – 36350-36500 & 36650-36800    

Yesterday (Foreign institutional investors) FII were net Sellers and have sold 3356 crores in the cash market. On the other hand (Domestic institutional investors) DII were net Buyers and have bought 1149 crore in the cash market.

Also read: Here Is All You Need To Know About Share Market Ups And Downs

The way FII’s are selling since last month we can assume that they were aware of the new variant and hence they booked their portfolio on higher levels. We need to be cautious now as markets are overvalued fundamentally and the new COVID variant can bring lockdown as we are watching in big countries like Germany.

FII’s are selling huge since the last few days and hence any bounce in the market is not sustainable and is sold out. These figures are about to worry for Indian markets. If Indian markets want to go towards all-time high levels then FII needs to start buying.