Stock Market Update- September 7


Yesterday Indian markets were super strong in the 1st half and made an all-time high of 17429 and corrected from there but again closed at all-time levels at 17377. Yesterday bank’s nifty was also strong in 1st half but seen profit booking and closed -167 points down at 36592.
The US market yesterday was closed on the occasion of Labor Day.
Today morning both major US index futures are flat to positive with 50 and 25 points respectively and hence Singapore nifty (SGX NIFTY) trading positive by 5 points hence will be gap up the opening or a flat opening of Indian Markets.
Following are the supports and resistance for two major indexes of INDIA.
Nifty support – 17325-17350 & 17200-17250
Nifty resistance – 17425-17475 & 17500-17550
Bank nifty support – 36350-36475 & 36050-36200
Bank nifty resistance – 36800-36900 & 37000-37100
Yesterday (Foreign institutional investors) FII were net sellers and have sold589 crore in the cash market. On the other hand (Domestic institutional investors) DII were net buyers and have bought around 547 crores in the cash market.