As mentioned yesterday market has become selling on the rise and the market reacted the same after opening the gap up. Indian markets have a lack of buying interest as mentioned earlier and hence we closed again below 18000 levels. Yesterday Indian markets closed negative at 17416 which is -348 points. Yesterday bank nifty was also weak and closed at 37128 which is -847 points.
The US market was in a mode of profit booking yesterday in the 2nd half after the re-appointment of the FED chairman. Dow Jones yesterday closed flat by +17 points (-0.049%). IT index i.e. Nasdaq was weak and closed -202 points (-1.26%).
Following are the supports and resistance for two major indexes of INDIA.
- Nifty support – 17250-17325 & 17150-17200
- Nifty resistance – 17450-17525 & 17575-17625
- Bank nifty support – 36550-36675 & 36350-36425
- Bank nifty resistance – 37425-37575 & 37750-37975
Yesterday (Foreign institutional investors) FII were net Sellers and have sold 3439 crores in the cash market. On the other hand (Domestic institutional investors) DII were net Buyers and have bought 2051 crore in the cash market.
Global markets are very near to all-time high levels and it seems that there been profit booking going since last 2 days. Indian markets are correcting as there is a lack of buying interest above 18000 levels. Closing above 18000 on nifty and 38750 on bank nifty will now give confidence for further up move until then the market can be seen as sell on every rise.