Stock Market Update

Today morning both major US index futures are up with 115 and 50 points respectively and hence Singapore nifty (SGX NIFTY) trading positive by 175 points hence will be gap up opening of the Indian market.

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On Friday Indian markets corrected and closed 118 points negative at 16450. On Friday Bank nifty corrected and closed below 35500 at 35033 which is bad for bank nifty.

The US market on Friday was up by 225 (+0.65%) points on a closing basis. Dow Jones made a low of 34690 from all-time high levels of 36625. IT index i.e. Nasdaq also was positive and closed by +172 points (+1.19%).

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

Nifty support – 16375-16450 & 16250-16275

Nifty resistance – 16525-16565 & 16615-16700

Bank nifty support – 34925-35025 & 34575-34775

Bank nifty resistance – 35300-35425 & 35550-35800

On Friday (Foreign institutional investors) FII were net sellers and have sold 2287 crore in the cash market. On the other hand (Domestic institutional investors) DII were net Buyers and have bought around 119 crores in the cash market.

US market corrected heavily as FED has given some indication that the stimulus package can be withdrawn soon. The date and time and the amount 0f the package to be withdrawn are not yet declared and hence this correction can be seen as running correction. This statement was given on Friday. morning and now we can see how the US market on Friday night made a smart recovery.