Yesterday Indian markets corrected and recovered from lows but closed negative at 17711 which is -37 points. Yesterday bank nifty also corrected made a low and recovered but still closed negative at 37743 which is -202 points.
The US market recovered and closed in green Dow Jones yesterday closed positive by +90 points (+0.26%). IT index i.e. Nasdaq corrected and closed -34 points (-0.24%).
Following are the supports and resistance for two major indexes of INDIA.
Nifty support – 17575-17625 & 17425-17500
Nifty resistance – 17750-17800 & 17850-17925
Bank nifty support – 37325-37400 & 37100-37250
Bank nifty resistance – 37950-38100 & 38175-38350
Yesterday (Foreign institutional investors) FII were net sellers and have sold 1896 crore in the cash market. On the other hand (Domestic institutional investors) DII were net buyers and have bought3262 crore in the cash market.
This correction in global markets is due to high inflation globally. The prices of commodities are very high which seems to be artificially hyped and this is due to China. The global market is reacting on the same and correcting heavily where we will also participate and can correct further. Interest rates in US markets can also raise is the fear and this is the other reason for correction.