Yesterday Indian markets were strong and closed at 17166 which is+183 points. Yesterday bank nifty was strong and closed at 36364 which is+669 points.
Yesterday US market was strong in 1st half but closed Negative by -461 points (-1.34%). IT index i.e. Nasdaq was also strong in 1st half but closed -283 points (-1.83%).
Following are the supports and resistance for two major indexes of INDIA.
- Nifty support – 16950-17065 & 16785-16935
- Nifty resistance – 17215-17275 & 17325-17415
- Bank nifty support – 35900-36025 & 35700-35800
- Bank nifty resistance – 36450-36650 & 36725-36850
Yesterday (Foreign institutional investors) FII were net Sellers and have sold 2765 crore in the cash market. On the other hand (Domestic institutional investors) DII were net Buyers and have bought 3467 crores in the cash market.
The way FII’s are selling since last month we can assume that they were aware of this and hence they booked their portfolio on higher levels. We need to be cautious now as markets are overvalued fundamentally and the new COVID variant can bring lockdown as we are watching in big countries like Germany.
FII’s are selling huge since the last few days and hence any bounce in the market is not sustainable and is sold out. These figures are about to worry for Indian markets. If Indian markets want to go towards all-time high levels then FII needs to start buying.