Thanksgiving Impact On Stock Market- Here Is The Update

Today morning both major US index futures are negative by -363 and -80 points respectively hence Singapore nifty (SGX NIFTY) trading negative by -190 points hence will be an opening gap down on Indian Stock Markets.

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Yesterday Indian markets recovered and closed at 17536 which is+121 points. Yesterday bank nifty was weak and closed at 37364 which is-77 points.

The US market was closed yesterday on the occasion of Thanksgiving day.

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

  • Nifty support – 17225-17275 & 17075-17150
  • Nifty resistance – 17500-17550 & 17600-17675
  • Bank nifty support – 37125-37250 & 36650-36750
  • Bank nifty resistance – 37750-37875 & 37950-38225

Yesterday (Foreign institutional investors) FII were net Sellers and have sold 2300 crore in the cash market. On the other hand (Domestic institutional investors) DII were net Buyers and have bought 1367 crore in the cash market.

Also Read: Stay Updated With Share Market Updates Before Trading

Global market futures are bleeding due to a new variant of COVID in South Africa. The way FII’s were 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.