Share Market News Today

Today morning both major US index futures are positive with 10 and 5 points respectively and hence Singapore nifty (SGX NIFTY) trading positive by 100 points will be gap up opening of Indian market at all-time high levels.

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On Friday Indian markets were strong and made an all-time high of 16721 and also made an all-time high on the closing basis at 16705. Again on Friday Bank nifty was stuck into a congestion zone of 35600-35800. This bank’s nifty range was support when it was trading higher and after breakdown, this support is acting as resistance, On Friday bank nifty attempted to clear this level but was not able to break and closed just by 10 points up at 35627.

The US market on Friday has taken big event commentary as very positive which ultimately made an all-time high in the US. Dow was positive by +242 points (+0.69%). IT index i.e. Nasdaq made an all-time high and closed by +183 points (+1.23%).

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

Nifty support – 16635-16700 & 16565-16600
Nifty resistance – 16775-16825 & 16875-16900
Bank nifty support – 35500-35625 & 35300-35425
Bank nifty resistance – 35800-35900 & 36000-36200

On Friday (Foreign institutional investors) FII were net sellers and have sold 779 crores in the cash market. On the other hand (Domestic institutional investors) DII were net buyers and have bought around 1646 crore in the cash market.

On Friday in the US there was a big event where the FED chairman has said that they will start to withdraw of stimulus package slowly by end of this year but the positive was the rate of interest will stay near 0% and they are not in hurry to increase that. They believe that inflation is slightly high nowadays but that will come down and hence not in hurry to increase the rate of interest.