Share Market Update

Today morning both major US index futures are negative with -28 and -11 points respectively and hence Singapore nifty (SGX NIFTY) trading positive by +32 points hence will be a gap up opening of Indian Markets.

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116

On Friday Indian markets corrected due to global cues and closed negative at 17532 which is -86 points. On Friday bank nifty also corrected made a low below 37000 but closed negative at 37225 which is -199 points.

The US market on Friday recovered more and closed in green. Dow Jones on Friday closed negative by +482 points (+1.43%). IT index i.e. Nasdaq recovered and closed +118 points (+0.82%).

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

Nifty support – 17450-17500 & 17325-17400
Nifty resistance – 17575-17625 & 17700-17750
Bank nifty support – 36850-37000 & 36550-36650
Bank nifty resistance – 37300-37400 & 37675-37825

Yesterday (Foreign institutional investors) FII were net Buyers and have bought131 crore in the cash market. On the other hand (Domestic institutional investors) DII were net sellers and have sold613crore in the cash market.

Global Markets are trying to recover from lows but Asian markets are still down excluding India. These Asian markets are red due to Evergrand where trading that shares are suspended in Hang sang market. But this is not new news for the market and hence the market won’t reach for the same news twice.