Share Market News

Today morning both major US index futures are flat with 10 and 2 points respectively but Singapore nifty (SGX NIFTY) is trading 80- points which indicate a gap up in the Indian market.

0
127

Yesterday finally we crossed the 16000 levels on NIFTY and made a high of 16150 and closed at the all-time high levels at 16130.
The US market yesterday touched and closed at all-time high levels i.e. Dow jones was +278 points (+0.80%) whereas the IT index i.e. Nasdaq was positive by 80 points (0.55%).
Following are the supports and resistance for two major indexes of INDIA.

Nifty support – 16050-16100 & 15925-16000
Nifty resistance – 16175-16200 & 16250-16300
Bank nifty support – 34900-35000 & 34600-34800
Bank nifty resistance – 35450-35575 & 35675-35850

On Friday (Foreign institutional investors) FII were net Buyers and have bought 2117 crore in the cash market. On the other hand (Domestic institutional investors) DII were net sellers and have sold around -299 crore in the cash market. The DII, retail investors, and traders who are consistently buying in this market have helped the market to clear a big level of 16000 and close at an all-time high. It’s a FOMO (Fear of missing out) buy FII where they have covered shorts and created a long position as well at an all-time high.
The METAL, IT index looks strong due to the global market whereas the BANKING industry will also now cope up with nifty as banks have discounted the negative results and now government banks like PNB and SBI have posted good results.
Even yesterday in the US there was the 5 month highest data of more than 1 lakh COVID positive data which indicates that the market won’t make a TOP in the near term as stimulus package will continue and interest rate will be 0% until an unless there is no fear of COVID.
(IF THERE IS A PROBLEM WITH HEALTH THEN THERE IS NO PROBLEM WITH WEALTH IS THE FUNDA OF US MARKETS)