Yesterday Indian markets were strong and made an all-time high of 16951 and also made an all-time high on the closing basis at 16931. Yesterday bank nifty broke the range of 35600-35800 on the up-side and this breakout was so strong that bank nifty closed above the next resistance of 36200 at 36347.
The US market yesterday has been consolidating but the IT index and also a border market S&P 500 made an all-time high in the US. Dow was negative by -55 points (-0.16%). IT index i.e. Nasdaq made an all-time high and closed by +136 points (+0.90%).
Following are the supports and resistance for two major indexes of INDIA.
Nifty support – 16725-16775 & 16635-16700
Nifty resistance – 16950-17000 & 17050-17100
Bank nifty support – 36125-36200 & 35800-36000
Bank nifty resistance – 36475-36625 & 36750-36900
On Friday (Foreign institutional investors) FII were net buyers and have bought1203 crore in the cash market. On the other hand (Domestic institutional investors) DII were net buyers and have bought around 689 crores in the cash market.
Yesterday in the US market we have seen that consolidation in Dow jones but the IT index was trading much higher at all-time high levels whereas the brooder index of the US which is S&P500 was also trading at all-time which defines a rotation in the US market.