On Friday Indian markets were strong due to global markets. Indian markets on Friday closed positive at 18102 which is +229 points. On Friday bank nifty was also positive and closed at 38733 which is+173 points.
The US market was super positive on Friday. Dow Jones on Friday closed positive by +179 points (+0.50%). IT index i.e. Nasdaq was positive and closed +156 points (+1.00%).
Following are the supports and resistance for two major indexes of INDIA.
- Nifty support – 18050-18100 & 17975-18025
- Nifty resistance – 17200-17265 & 18300-18350
- Bank nifty support – 38575-38750 & 38350-38450
- Bank nifty resistance – 39025-39225 & 39300-39450
Yesterday (Foreign institutional investors) FII were net Buyers and have bought511 crore in the cash market. On the other hand (Domestic institutional investors) DII were net Buyers and have bought 851 crores in the cash market.
The Global markets have now again resumed their up move after small profit booking. Indian markets have shown strength on Friday and closed above 18100 which can be seen as the completion of correction. I have been saying for a long time that Indian markets will resume their up move after running correction and now it seems that we have completed our correction and will again move towards all-time high levels soon.