Yesterday Indian markets were down in the first half but recovered from day’s low and closed positive at 17562 which is +165 points. Yesterday bank nifty also corrected but recovered and closed at 37235 which is+90 points.
The US market yesterday was strong in the first half but again corrected and closed in the red. Dow Jones yesterday closed negative by -50 points (-0.15%). IT index i.e. Nasdaq was also strong in the first half then corrected but managed to close positive and closed +32 points (+0.22%).
Following are the supports and resistance for two major indexes of INDIA.
Nifty support – 17350-17400 & 17300-17350
Nifty resistance – 17600-17625 & 17700-17750
Bank nifty support – 36900-37100 & 36600-36750
Bank nifty resistance – 37350-37500 & 37700-37900
Yesterday (Foreign institutional investors) FII data has not been received yet and hence not making any wrong number. On the other hand (Domestic institutional investors) DII were net buyers and have bought2347 crore in the cash market.
This week will be very crucial for markets all over the world. The FED today late night will give an indication of tapering i.e. from when they will start pulling stimulus package and stop/reduce bond-buying program. Hence all markets will move in any direction after this and till then US market can consolidate on the lower side as it is.