Stock Market Update- 6 September

0
214

On Friday Indian markets were super strong and made an all-time high of 17340 and also closed at all-time levels at 17323. On Friday bank’s nifty was also strong in 1st half but seen profit booking and closed at 36761 which is -70 points from Thursday’s closing.

The US market on Friday had consolidated. Dow Jones closed negative by -74 points (-0.21%). IT index i.e. Nasdaq was strong with border index S&P500 and closed at all-time high at +32 points (+0.21%) and -1 points (-0.034%) respectively.

Today morning both major US index futures are flat to positive with 2 and 5 points respectively and hence Singapore nifty (SGX NIFTY) trading positive by 39 points hence will be gap up opening of Indian Markets.

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

Nifty support – 17200-17250 & 17075-17125 

Nifty resistance – 17375-17425 & 17450-17500 

Bank nifty support – 36475-36575 & 36200-36350 

Bank nifty resistance – 37000-37100 & 37225-37300

On Friday (Foreign institutional investors) FII were net buyers and have bought 769 crores in the cash market. On the other hand (Domestic institutional investors) DII were net buyers and have bought around 669 crores in the cash market.

Consolidation in the US market and continue Bull Run in the Indian market is the only flavor. The outperformance of Indian markets is just because of buying done by FII and DII and hence run can continue further.