Yesterday Indian markets were super strong and made an all-time high of 17154 and also made an all-time high on the closing basis at 17132. The day before Yesterday bank nifty broke the range of 35600-35800 on the up-side and this breakout was so strong that the bank nifty closed above the next resistance of 36200 at 36347 and yesterday’s bank nifty consolidated on the higher side and closed 76 points up at 36424.
The US market yesterday has been consolidating. Dow was negative by -39 points (-0.11%). IT index i.e. Nasdaq was also flat and closed -6 points (-0.044%).
Following are the supports and resistance for two major indexes of INDIA.
Nifty support – 16925-17000 & 16725-16775
Nifty resistance – 17175-17225 & 17275-17325
Bank nifty support – 36200-36350 & 35800-36000
Bank nifty resistance – 36550-36625 & 36750-36900
On Friday (Foreign institutional investors) FII were net buyers and have bought 3881 crores in the cash market. On the other hand (Domestic institutional investors) DII were net sellers and have sold around 1872 crore in the cash market.
Yesterday in the US market we have seen consolidation in Dow Jones, Nasdaq & also in S&P500. This is a good sign of market to rest after making an all-time high. US markets can resume their up move in the next 2 trading days.