Yesterday Indian markets were volatile were in the 1st half market went up and corrected in the 2nd half and but managed to close at 17353 which is just -8 points. Yesterday bank nifty was strong and closed at 36768 which is +299 points from yesterday’s closing.
The US market was yesterday corrected and closed in the red. Dow Jones closed negative by -69 points (-0.20%). IT index i.e. Nasdaq also corrected and closed at -87 points (-0.57%).
Today morning both major US index futures are flat to negative with 33 and 11 points respectively and Singapore nifty (SGX NIFTY) trading Negative by 55 points hence will be a gap down 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 & 17475-17525
Bank nifty support – 36400-36550 & 36200-36350
Bank nifty resistance – 36800-37000 & 37100-37300
Yesterday (Foreign institutional investors) FII were net sellers and have sold 803 crores in the cash market. On the other hand (Domestic institutional investors) DII were net buyers and have bought only 1 crore in the cash market.
A slight correction in Dow jones can stop the Outperformance of Indian markets and hence Indian markets can consolidate in the upper range. Buying in Indian markets can be done on a support range.