Stock Market Update- September 8


Yesterday Indian markets were strong and made an all-time high of 17348 in the 1st half and corrected in the 2nd half and closed at 17362. Yesterday bank’s nifty was weak and made a low od 36197 but recovered and closed at 36468 which is -123 points from yesterday’s closing.
The US market yesterday was mixed, where Jones closed negative by -269 points (-0.76%). IT index i.e. Nasdaq was strong and closed at an all-time high at +10 points (+0.070%).
Today morning both major US index futures are flat to positive with 33 and 11 points respectively and Singapore nifty (SGX NIFTY) trading positive by 45 points hence will be gap up 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 – 36150-36200 & 35800-36000
Bank nifty resistance – 36675-36825 & 36900-37100

Yesterday (Foreign institutional investors) FII were net sellers and have sold 145 crores in the cash market. On the other hand (Domestic institutional investors) DII were net sellers and have sold around 137 crores 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.