Yesterday Indian markets were weak. Indian markets have a lack of buying interest above 18000 levels and hence yesterday closed negative at 17999 which is -110 points. Yesterday bank nifty was also weak and closed at 38307 which is-395 points.
The US market was strong yesterday. Dow Jones yesterday closed positive by +54 points (+0.15%). IT index i.e. Nasdaq was positive and closed +120 points (+0.76%).
Following are the supports and resistance for two major indexes of INDIA.
- Nifty support – 17875-17925 & 17800-17825
- Nifty resistance – 18075-18100 & 18125-18200
- Bank nifty support – 37925-38100 & 37675-37750
- Bank nifty resistance – 38575-38725 & 38800-38925
Yesterday (Foreign institutional investors) FII were net Sellers and have sold560 crore in the cash market. On the other hand (Domestic institutional investors) DII were net Buyers and have bought 577 crores in the cash market.
The Global markets have now again resumed their up move after small profit booking. Indian markets have shown strength on Friday but seem to lack buying interest above 18100 levels. I have been saying for a long time that Indian markets will resume their up move after running correction but now it seems that we are into a time-wise correction where we are stuck into a range where we will trade between that range for a time being.