Yesterday Indian markets corrected and closed negative at 17748 which is -106 points. Yesterday bank nifty also corrected made a low and recovered but still closed negative at 37945 which is -226 points.
The US market yesterday also corrected and closed in the red. Dow Jones yesterday closed negative by -569 points (-1.63%). IT index i.e. Nasdaq also corrected and closed -423 points (-2.83%).
Following are the supports and resistance for two major indexes of INDIA.
Nifty support – 17575-17650 & 17425-17500
Nifty resistance – 17750-17800 & 17850-17925
Bank nifty support – 37325-37400 & 37100-37250
Bank nifty resistance – 37950-38100 & 38175-38350
Yesterday (Foreign institutional investors) FII were net sellers and have sold 1958 crore in the cash market. On the other hand (Domestic institutional investors) DII were net buyers and have bought 161 crores in the cash market.
This correction in global markets is due to high inflation globally. The prices of commodities are very high which seems to be artificially hyped and this is due to China. The global market is reacting on the same and correcting heavily where we will also participate and can correct further. Interest rates in US markets can also rise is the fear and this is the other reason for correction.