Must Know Stock Market Update On Dhanteras

Today Dhanteras morning both major US index futures are negative with -80 and -35 points respectively and hence Singapore nifty (SGX NIFTY) is trading positive by +2 points hence will be opening flat on Indian Markets.


On the auspicious day of Dhanteras which is being celebrated today (November 2) there are big offers on gold, silver and diamond jewelry. However many also believe in investing in stock market.  Ahead of Dhanteras and Diwali BSE Sensex closed above the 60,000-mark on Monday.

Yesterday Indian markets have shown strength and closed positive at 17929 which is +258 points. Yesterday bank nifty also recovered and closed positive at 39763 which is +648 points.

The US market yesterday was super positive and has made an all-time high. Dow Jones yesterday closed positive by +94 points (+0.26%). IT index i.e. Nasdaq was also positive and closed +97 points (+0.63%).

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

Nifty support – 17800-17850 & 17625-17700
Nifty resistance – 18025-18100 & 18125-18200
Bank nifty support – 39350-39500 & 39000-39125
Bank nifty resistance – 39950-40050 & 40150-40325

On Friday (Foreign institutional investors) FII were net Sellers and have sold 200 crores in the cash market. On the other hand (Domestic institutional investors) DII were net Buyers and have bought 116 crores in the cash market.

The Global markets are positive and trading at all-time high levels but still Indian markets corrected a lot on Friday due to FII’s Selling. The reason why our stop loss for investors was triggered was due to huge FII selling’s. For the last 5-8 days FII has sold more than 15000 crores of stock. Now as the strong levels of 17950-18050 have broken so we need to wait for some days to buy further. I still don’t think that this Bull Run has ended. This can be seen as a running correction and we can again make all-time highs in short term.