Yesterday Indian markets were super strong and closed in green. Nifty closed at 17625 which is +271 points. Yesterday bank nifty was also strong and closed at 36421 which is +940 points.
On Friday US market was positive and closed in green. Dow was +246 points (+0.68%). IT index i.e. Nasdaq was Positive and closed +187 points (+1.20%).
Following are the supports and resistance for two major indexes of INDIA.
- Nifty support – 17475-17525 & 17350-17400
- Nifty resistance – 17650-17725 & 17750-17825
- Bank nifty support – 36025-36200 & 35700 – 35850
- Bank nifty resistance – 36625-36800 & 36900-37050
Yesterday (Foreign institutional investors) FII were net Buyers and have Bought 902 crore in the cash market. On the other hand (Domestic institutional investors) DII were net Buyers and have bought 803 crores in the cash market.
Also Read : Markets Update In The First Week Of The New Year
FII’s have started buying in January series. We still need to wait and watch for some more trading days. We can say that market has made a short-term bottom of 16410. Now we need FII’s buying before budget so that we can reach all-time high levels. US markets are trading near all-time high levels which say there is no problem globally for Indian markets.
January month is normally known as a pre-budget month and big moves are possible on any side. We will keep watch on data of FII’s whether they start buying or continue with their selling. They have bought on 31st December and 3rd January but we need to wait and watch for some more days if they buy further or again start selling.