Yesterday Indian markets recovered due to global cues and closed positive at 17691 which is +159 points. Yesterday bank nifty also recovered and closed positive at 37579 which is +353 points.
The US market yesterday corrected more and closed in the red. Dow Jones yesterday closed negative by -323 points (-0.94%). IT index i.e. Nasdaq corrected more and closed -311 points (-2.14%).
Following are the supports and resistance for two major indexes of INDIA.
Nifty support – 17500-17525 & 17375-17450
Nifty resistance – 17700-17750 & 17800-17850
Bank nifty support – 37175-37300 & 36850-37000
Bank nifty resistance – 37575-37675 & 37775-37825
Yesterday (Foreign institutional investors) FII were net Buyers and have bought 861 crores in the cash market. On the other hand (Domestic institutional investors) DII were net Buyers and have bought228 crore 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 Evergrande 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.