Yesterday Indian markets have shown strength and do not correct more as compared to global markets. Nifty after breakout closed positive at 18161 which is +169 points.
Yesterday’s banks nifty was also strong and has closed at 38635 which is +114 points.
The US market yesterday was flat. Dow Jones yesterday closed negative by -0.53 points (-0.01%). IT index i.e. Nasdaq was strong and closed +105 points (+0.73%).
Following are the supports and resistance for two major indexes of INDIA.
Nifty support – 18000-18050 & 17900-17950
Nifty resistance – 18200-18250 & 18300-18375
Bank nifty support – 38375-38500 & 38100-38300
Bank nifty resistance – 38775-38850 & 38900-39000
Yesterday (Foreign institutional investors) FII were net Buyers and have bought937 crore in the cash market. On the other hand (Domestic institutional investors) DII were net Sellers and have sold 432 crores in the cash market.
The global markets have reacted positively after going through FED minutes. The FED Minutes have said that they will start tapering from this year’s end. The market has given a positive reaction to this because the economy is getting stronger and the economy does not need more money for further survival. Indian markets are super strong at all-time high levels and markets can show 18500 this month itself.