Stock Market Update- 16 August

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On Friday Indian markets again made an all-time high of 16544 and even made an all-time high on the closing basis which is 16529. On Friday Bank nifty again tried to break its range on the upside and closed above 36100.

The US market yesterday was positive where Dow jones was +15 points (+0.044%) at all-time high levels on a closing basis, whereas the IT index i.e. Nasdaq was also flat to bullish and closed by +6points (+0.045%).

Mid-cap and small-cap indexes corrected heavily from all-time high levels but now it has recovered smartly. Quality mid and small caps stocks recovered as mentioned. Quality mid and small caps stocks can now consolidate after volatility and after this consolidation, this might start their up move again.

Today morning both major US index futures are negative with 140 and 25 points respectively and hence Singapore nifty (SGX NIFTY) trading negative 50 points which indicates a gap down opening of the Indian market.

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

Nifty support – 16375-16400 & 16280-16335

Nifty resistance – 16550-16600 & 16650-16700

Bank nifty support – 35900-36000 & 35600-35800

Bank nifty resistance – 36225-36300 & 36400-36600

On Friday (Foreign institutional investors) FII were net Buyers and have bought 820 crores in the cash market. On the other hand (Domestic institutional investors) DII were net buyers and have bought around 150 crores in the cash market.

After breaking a range of Dow jones which was 35000-35200 on the upside yesterday Dow again made an all-time high of 35600 which shows strength in the US. Brooder index S&P 500 also made an all-time high on Friday which indicates no problem in US markets.