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Today morning both major US index futures are positive with +100 and +25 points respectively but Singapore nifty (SGX NIFTY) is trading negative by -25 points hence will be an opening gap down on Indian Share Markets.

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Yesterday Indian markets recovered in the 1st half but corrected in the 2nd half and closed at 17415 which is -88 points. Yesterday bank nifty was also strong in 1st half and corrected in 2nd half but managed to close in green at 37441 which is +169 points.

The US market was in a mode of profit booking but yesterday Dow Jones closed flat by -9 points (-0.026%). IT index i.e. Nasdaq was strong and closed +70 points (+0.44%).

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

  • Nifty support – 17225-17275 & 17075-17150
  • Nifty resistance – 17500-17550 & 17600-17675
  • Bank nifty support – 37125-37250 & 36650-36750
  • Bank nifty resistance – 37750-37875 & 37950-38225

Yesterday (Foreign institutional investors) FII were net Sellers and have sold 5122 crores in the cash market. On the other hand (Domestic institutional investors) DII were net Buyers and have bought 3810 crores in the cash market.

Also Read: India’s Stock Market Update Today

Global markets are very near to all-time high levels and it seems that there has been profit booking going since last 2 days. Indian markets are correcting as there is a lack of buying interest above 18000 levels. Closing above 18000 on nifty and 38750 on bank nifty will now give confidence for further up move until then the market can be seen as sell on every rise.

FII’s are selling huge since the last few days and hence any bounce in the market is not sustainable and is sold out. These figures are about to worry for Indian markets. If Indian markets want to go towards all-time high levels then FII needs to start buying.