Market View for 23rd May 2011

Market View for Monday 23 May 2011

Index Levels

BSE Sensex 18326.09
Major Support 18020–17792–17469
Major Resistance 18492–18724–18871

NSE Nifty 5486.35
Major Support 5401–5348–5232
Major Resistance 5541–5605–5659

View
The indices continued to sell off from higher levels with weakness in the overall markets. The indices have supports coming in from the lower band of the channel which has been playing an important role since September 2009. For the week the indices will face resistance as they move up. Higher levels could see cautious mood gripping the markets. Major resistance should be watched @ 18492 for the Sensex and 5541 for the Nifty. Below these levels the indices will continue to feel the heat. Choppiness will stay in the markets for now. On the lower side the indices could test supports @ 18020 – 17792 for the Sensex and 5401 – 5348 for the Nifty. Hold a low profile…