On Friday Indian markets have shown some correction again and closed negative at 18114 which is -63 points. On Friday bank nifty was again holding the market. For the whole day on Friday bank nifty was positive and made an all-time high near 40587 levels and closed positive at 40323 which is +293 points.
The US market on Friday was negative in 1st half but closed positive. Dow Jones on Friday closed positive by +74 points (+0.21%). IT index i.e. Nasdaq was negative and closed -125 points (-0.82%).
Following are the supports and resistance for two major indexes of INDIA.
Nifty support – 17950-18100 & 178000-17875
Nifty resistance – 18250-18300 & 18350-18375
Bank nifty support – 40050-40150 & 39700-39800
Bank nifty resistance – 40500-40575 & 40700-40850
Yesterday (Foreign institutional investors) FII were net Sellers and have sold 2698 crore in the cash market. On the other hand (Domestic institutional investors) DII were net Buyers and have bought 1030 crore in the cash market.
The global markets are strong at all-time highs but now Indian markets are correcting which is just running correction and profit booking. Indian markets will again start their up move after correcting anywhere near this level. 17950-18000 is a very very strong support zone for investors and they don’t need to worry until and unless the market closes on the levels mentioned. Trades should be cautious while buying stocks on higher levels especially when they are trading on leverage positions and trading in the derivatives market. Rest all looks good and Indian markets will again make all-time high levels.