Yesterday Indian markets were a week in the 1st half but recovered in the 2nd half. Indian markets yesterday closed negative at 18017 which is -27 points. Yesterday bank nifty was a week and closed negative at 39023 which is -345 points.
The US market has shown a slight correction yesterday. Dow Jones yesterday closed negative by -240 points (-0.66%). IT index i.e. Nasdaq was also negative and closed -263 points (-1.66%).
Following are the supports and resistance for two major indexes of INDIA.
Nifty support – 17850-17925 & 17750-17800
Nifty resistance – 18050-18100 & 18125-18200
Bank nifty support – 38775-38875 & 38425-38525
Bank nifty resistance – 39225-39300 & 39450-39575
On Wednesday (Foreign institutional investors) FII were net Sellers and have sold 469 crores in the cash market. On the other hand (Domestic institutional investors) DII were net Buyers and have bought 766 crores in the cash market.
The Global markets have shown profit booking yesterday. Indian markets are not showing strength on higher levels, but I still don’t think that this Bull Run has ended. This can be seen as a running correction and we can again make all-time highs in short term.