Stock Market Update Today

Today morning both major US index futures are positive with +103 and +30 points respectively hence Singapore nifty (SGX NIFTY) trading positive by 100 points hence will be gap up opening of Indian Markets.

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Yesterday Indian markets were consolidating and closed negative at 17546 which is -15 points. Yesterday bank nifty also corrected and closed at 36944 which is-291 points.
The US market yesterday was strong and closed in green. Dow Jones yesterday closed positive by +338 points (+1.00%). IT index i.e. Nasdaq was also strong and closed positive +150 points (+1.02%).

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

Nifty support – 17500-17525 & 17350-17400
Nifty resistance – 17600-17625 & 17700-17775
Bank nifty support – 36750-36850 & 36550-36675
Bank nifty resistance – 37300-37400 & 37675-37800

https://politicalbloc.com/zee-sony-merger-a-success-story-of-indian-entertainment-industry/

Yesterday (Foreign institutional investors) FII were net sellers and have sold 1850 crore in the cash market. On the other hand (Domestic institutional investors) DII were net buyers and have bought 1957 crore in the cash market.

The US Fed has said that they will start tapering from November. The interest rates will start rising from 2022. This is basically negative for markets but why the market came up is that the market likes certain decisions. The market gets angry when someone hides anything from the market and Fed has not to hide anything and has cleared their view and hence market started moving upwards. Also, Evergrande has come up 20% from lows in china market as they have given indication that they will repay debts.

So now US markets in future will trade into range. On the upside profit booking will come and on the lower side buyers will come. So now one-sided rising will stop.