Share Market Today

Today morning both major US index futures are flat to negative with 40 and 7 points respectively and hence Singapore nifty (SGX NIFTY) is trading slightly higher with 5 points which indicates a gap up or a flat opening of the Indian market.

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Yesterday again we made a new all-time high at 16340 on NIFTY and even closed at the all-time high levels at 16296.
The US market yesterday was up where Dow jones was +271 points (+0.78%) whereas the IT index i.e. Nasdaq was positive by 114 points (+0.78%).

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

Nifty support – 16200-16250 & 16125-16175
Nifty resistance – 16350-16400 & 16450-16500
Bank nifty support – 35575-35675 & 35350-35400
Bank nifty resistance – 36000-36200 & 36350-36475

On Friday (Foreign institutional investors) FII were net sellers and have sold 720 crores in the cash market. On the other hand (Domestic institutional investors) DII were net buyers and have bought around 732 crores in the cash market.
Today is the big day for Indian markets in itself. A lot of triggers for the Indian market.

1. RBI Credit policy to come where no change in rates expected. Whereas it can be a defensive commentary of governor Shaktikanta das.

2. Around 20 companies declare results, where 18 are FNO stocks and 2, are part of the NIFTY index.

3. Biggest reform to happen in INDIA where government to amend the retro tax which is positive when we look at FDI investment. All the international businesses will look at INDIA for business in a different way after this reform. A fantastic decision by the government as far as businesses and markets are concerned.

4. US markets 2 big indexes which are NASDAQ and S&P 500 closed at an all-time high yesterday.

5. Bank nifty to get more volatile as its RBI policy and there are some changes in weightage in banks like HDFC Bank and IDFC First bank.