Market View for Tuesday 31 May 2011

BSE Sensex

18232.06

Major Support

18199 – 18087 – 17862

Major Resistance

18380 – 18429 – 18492


NSE Nifty

5473.10

Major Support

5458 – 5413 – 5456

Major Resistance

5509 – 5517 – 5605


The markets opened with a gap up opening later to witness selling. All in all the day was dull and sideways on the day end closing basis. Candlestick formation was a spinning top which suggests indecision. The charts suggest that the action should start in the coming two months as the last 4 months have witnessed sideways trend and have been dull on activity. As of levels watch support for the Sensex @ 18199 and for the Nifty @ 5458 levels. On the higher side resistance would be faced @ 18380 by the Sensex and 5509 by the Nifty. It is better to hold a low profile in this current scenario.

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