Yesterday Indian markets corrected due to monthly expiry and closed negative at 17618 which is -93 points. Yesterday bank nifty also corrected made a low and closed negative at 37425 which is -317 points.
The US market yesterday corrected more and closed in the red. Dow Jones yesterday closed negative by -546 points (-1.59%). IT index i.e. Nasdaq corrected and closed -63 points (-0.44%).
Following are the supports and resistance for two major indexes of INDIA.
Nifty support – 17400-17440 & 17275-17350
Nifty resistance – 17575-17600 & 17625-17675
Bank nifty support – 36950-37150 & 36675-36850
Bank nifty resistance – 37425-37675 & 37750-37900
Yesterday (Foreign institutional investors) FII were net sellers and have sold 2226 crore in the cash market. On the other hand (Domestic institutional investors) DII were net buyers and have bought 97 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 raise is the fear and this is the other reason for correction.