Market View for Wednesday 29 Jun 2011

BSE Sensex	18492.45
Major Support	18323
Major Resistance	18527 – 18672

NSE Nifty	5545.30
Major Support	5496
Major Resistance	5558 – 5605

The markets took a pause after displaying a rally for the last 3 days. The closing was a Doji on candlestick patterns. This signifies indecisive mood as the June contracts expire in the coming two days. For the markets today watch major support @ 18323 for the Sensex and 5496 for the Nifty. Above these levels the indices will continue to hold their ground. Choppiness could come in as indices would face resistance coming in from 18527 – 18672 for the Sensex and 5558 – 5605 for the Nifty. Hold a scrip specific view…

Market View for Tuesday 28 Jun 2011

BSE Sensex	18412.41
Major Support	18272 – 18132
Major Resistance	18494 – 18672

NSE Nifty	5526.60
Major Support	5483 – 5441
Major Resistance	5552 – 5605

The markets continued to rally for the third consecutive day. The rally could continue for another day as they reach major resistance levels. This rally could also trigger short covering as the June derivative contracts approach expiry on the coming Thursday. For the day watch supports @ 18272 for the Sensex and 5483 for the Nifty. Above these levels the markets would trade strong and test resistances @ 18494 – 18672 for the Sensex and 5552 – 5605 for the Nifty. Wait for intraday trading opportunities during the day. As of investment it is better to hold a low profile.

Market View for Monday 27 Jun 2011

BSE Sensex	18240.68
Major Support	17925 – 17314 – 17295
Major Resistance	18672

NSE Nifty	5471.25
Major Support	5372 – 5195 – 5177
Major Resistance	5605

The markets bounced on Friday closing to record the highest gain after 13 April 2011. The chart formation on weekly periods suggests that the indices have respected a support from February 2011 and another from the rising channel which it has been trading with from November of 2009. These levels now have become important and should be expected to be cracked only on some unexpected negative development in the markets. Till such a time the markets would more likely trade range bound with the indices bouncing back to the upper end of the rising channel. Days of consolidation could continue due to lack of triggers. As of levels the indices would find support coming in @ 17925 for the Sensex and 5372 for the Nifty. Major supports for one odd day sell off’s should find support @ 17314 – 17295 for the Sensex and 5195 – 5177 for the Nifty. On the higher side resistance should be watched @ 18672 for the Sensex and 5605 for the Nifty. Individual stocks are not showing good price patterns therefore one should hold a low profile. Short term positional or trading opportunities should be caught in the current scenario for making money.

Market View for Friday 24 Jun 2011

BSE Sensex	17727.49
Major Support	17526 – 17482 – 17314
Major Resistance	17754 – 17925

NSE Nifty	5320.00
Major Support	5252 – 5195
Major Resistance	5330 – 5372

The markets traded choppy but with low levels of activity. Over all consolidating the gains and losses observed in the last few days. It is the last day of the week and the markets would trade under pressure. As of levels watch resistance for the Sensex @ 17754 and for the Nifty @ 5330 levels. On the lower side support comes in @ 17526 for the Sensex and 5252 for the Nifty. Between these levels the markets would remain dull. No stock picks as of now. It is advisable to have a wait and watch approach.

Market View for Thursday 23 Jun 2011

BSE Sensex	17550.63
Major Support	17492 – 17314 – 17295
Major Resistance	17678 – 17715 – 17925

NSE Nifty	5278.30
Major Support	5262 – 5257 – 5195
Major Resistance	5310 – 5322 – 5372

The markets continued to remain flat with dull activity as players tried to forget the tax mans news which was circulating in the markets two days back. For the day watch support @ 17314 for the Sensex and 5257 for the Nifty. On the higher side resistance comes in @ 17715 for the Sensex and 5322 for the Nifty. In between these levels it would be advisable to hold a low profile as the market players would remain directionless.

Market View for Wednesday 22 Jun 2011

BSE Sensex	17560.30
Major Support	17504 – 17314 – 17295
Major Resistance	17715 – 17925

NSE Nifty	5275.85
Major Support	5257 – 5195 – 5177
Major Resistance	5322 – 5372

The markets traded indecisive as the there was relief on the tax mans front related to the money routed through Mauritius. Most of the stocks traded sideways and this type of movement is expected to continue. For the day watch supports @ 17504 for the Sensex and 5257 for the Nifty. On the higher side resistance will be faced @ 17715 for the Sensex and 5322 for the Nifty. Between these levels the markets would remain choppy and dull. Avoid trading between these levels. Hold a low profile as individual stocks are not showing any signals for now.

Market View for Tuesday 21 Jun 2011

BSE Sensex	17506.63
Major Support	17314 – 17295
Major Resistance	17715 – 17925

NSE Nifty	5257.90
Major Support	5195 – 5177
Major Resistance	5315 – 5372

The markets sold off big way as the streets were full of news that the Tax man has finally got up from a long sleep over money routed through Mauritius. This brought the markets tumbling down breaking all the intraday supports. Now the Sensex has crucial support @ 17314 – 17295 and the Nifty has it @ 5195 – 5177 levels. On the higher side resistance comes in @ 17715 for the Sensex and 5315 for the Nifty. The markets could be gripped by weakness amidst these threads of news spreading through the media. The day could also see major sell off in stocks of companies having notorious backgrounds of laundering money via the Mauritius route. Choppiness will remain high and a gap down opening could also bring in surprise moves in the afternoon hours. Hold a Low Profile…

Market View for Friday 17 Jun 2011

BSE Sensex	17985.88
Major Support	17958 – 17786
Major Resistance	18060 – 18155

NSE Nifty	5396.75
Major Support	5389 – 5328
Major Resistance	5419 – 5447

The markets continued to sell off for the day. They started off with a gap down opening to trade sideways in the first half of the day. Among the heavyweights L&T was a contributor to the sell off witnessed in the Nifty. It is the last day of the week and the weakness is expected to continue. One observation of todays trading was that the indices closed below their crucial sentimental levels of 18000 for the Sensex and 5400 for the Nifty. The Sensex could itself falling from current levels to test supports @ 17786 and Nifty could see itself testing supports @ 5328 levels. On the higher side resistance will be faced @ 18060 by the Sensex and 5419 by the Nifty. Hold a Low Profile…

Market View for Thursday 16 Jun 2011

BSE Sensex	18132.24
Major Support	18111 – 18000 – 17786
Major Resistance	18298

NSE Nifty	5447.50
Major Support	5436 – 5400 – 5328
Major Resistance	5494

The markets sold off but continue to remain in narrow trading band moving southwards. With such a formation the markets are expected to sell off further from current levels. Some extraordinary positive development only can take the markets northwards for now. Investors are advised to track the stop losses of the stocks held in individual portfolios. For the Sensex watch resistance @ 18298 and for the Nifty @ 5494 levels. Below these resistances the indices will continue to trade weak. On the lower side the indices have major supports coming in from sentimental levels of 18000 for the Sensex and 5400 for the Nifty. These levels if cracked will see the indices falling straight to test supports @ 17786 and 5328 for the two indices respectively. It is advisable to hold a scrip specific view and concentrate on intraday trades that too like a TIGER…

Market View for Wednesday 15 Jun 2011

BSE Sensex	18308.66
Major Support	18261 – 18120
Major Resistance	18380 – 18545 – 18672

NSE Nifty	5500.50
Major Support	5484 – 5436
Major Resistance	5520 – 5570 – 5605

The markets continue to trade dull and in a narrow range throughout the day. For the last 10 trading sessions the markets have traded like this. A breakout from this band should help bring some energy back in the markets. For the Sensex watch support @ 18261 and for the Nifty @ 5484 levels. On the higher side resistance should be watched @ 18380 for the Sensex and 5520 for the Nifty. Between these levels the markets would remain choppy and dull. Hold a scrip specific view…

Market View for Tuesday 14 Jun 2011

BSE Sensex	18266.03
Major Support	18120 – 17786
Major Resistance	18313 – 18545 – 18672

NSE Nifty	5482.80
Major Support	5436 – 5328
Major Resistance	5496 – 5570 – 5605

The markets opened with a gap down opening later managing to recover to make new intraday highs eventually forcing shorts to run for cover. Overall on day end closing basis on candlestick patterns it was a spinning top formation. For the day watch support @ 18120 for the Sensex and 5436 for the Nifty. On the higher side an upmove would face resistance @ 18313 for the Sensex and 5496 for the Nifty. Hold a low profile…

Market View for Monday 13 Jun 2011

BSE Sensex	18268.54
Major Support	18182 – 17786 – 17469
Major Resistance	18545 – 18672 – 18724

NSE Nifty	5485.80
Major Support	5457 – 5328 – 5232
Major Resistance	5570 – 5604

The markets traded indecisive with the closing on week end charts being a spinning top formation. The current trend in the markets is due to lack of triggers which could make the markets swing. The next big trigger for the markets is the first quarter earnings which would start off in the next month. Till such time the markets are expected to remain sideways to weak. For the markets this week watch supports coming in @ 18182 for the Sensex and 5457 for the Nifty. On the higher side resistance should be watched @ 18545 for the Sensex and 5570 for the Nifty. In between these levels the markets will trade with dull activity. Hold a low profile for the week…

Market View for Friday 10 Jun 2011

BSE Sensex	18384.90
Major Support	18327 – 18258
Major Resistance	18449 – 18505 – 18545

NSE Nifty	5521.05
Major Support	5502 – 5479
Major Resistance	5540 – 5556 – 5570

The markets have narrowed down their intraday movement in the last seven days. Today was a dull session but tomorrow could bring in surprise. Incidentally tomorrow also happens to be the last day of the week and also the eight day of consolidation. Normally on technical charts the eight or the ninth day of such consolidations brings in interest in the markets. We have always believed in facts and therefore it is better for us to go by levels then by assumptions. For the Sensex one needs to watch 18449 as resistance and an upward trend decider and for the Nifty @ 5540 level. On the lower side supports and downward trend deciders should be watched @ 18327 for the Sensex and 5502 for the Nifty. Hold a scrip specific view…

Market View for Thursday 09 Jun 2011

BSE Sensex	18394.29
Major Support	18365 – 18258
Major Resistance	18505 – 18545 – 18672

NSE Nifty	5526.85
Major Support	5514 – 5479
Major Resistance	5556 – 5570 – 5604

The markets closed with a spinning top formation on charts. The last 6 days have seen the markets trade in a narrow range with the opening either being up or down with gap and later reversing the move. The day could be another sideways day within the range. The resistance and support levels need to be closely watched for a breach of the current trend. As per PROFISION charts the trend is expected to change either on the coming Friday or Monday. Till then watch resistance for the Sensex @ 18505 and for the Nifty @ 5556 levels. On the lower side supports come in @ 18365 for the Sensex and 5514 for the Nifty. Charts on individual stocks are suggesting a wait and watch approach for now. Hold a Low Profile…

Market View for Wednesday 08 Jun 2011

BSE Sensex	18495.62
Major Support	18355 – 18258
Major Resistance	18545 – 18554 – 18672

NSE Nifty	5556.15
Major Support	5509 – 5479
Major Resistance	5570 – 5604

The markets opened with a gap down opening and moved up to close in the green. The movement was slow and steady throughout the day. As the indices head northwards they would face resistance @ 18545 for the Sensex and 5570 for the Nifty. These levels could bring in high levels of choppiness and caution in the markets. On the lower side supports come in @ 18355 for the Sensex and 5509 for the Nifty. Scrips are not showing any strong patterns as of now. The next triggers for the markets on the domestic front could be the first quarter earning numbers which still are one month away. This month expect the markets to trade more or less at the current levels. Hold a Low Profile…

Market View for Tuesday 07 Jun 2011

BSE Sensex	18420.11
Major Support	18344 – 18258 – 18199
Major Resistance	18458 – 18554 – 18672

NSE Nifty	5532.05
Major Support	5504 – 5479 – 5458
Major Resistance	5542 – 5565 – 5604

The markets traded choppy as they opened weak and later bounced back to recover all the losses made during the day to finally close in the green. The markets are expected to trade under pressure as they move to higher levels. Choppiness is here to stay for now. As for levels watch resistance @ 18458 for the Sensex and 5542 for the Nifty. On the lower side supports come in @ 18344 and 5504 for the Sensex and the Nifty respectively. Weakness persists. Hold a scrip specific view…

Market View for Monday 06 Jun 2011

BSE Sensex	18376.48
Major Support	18199 – 17786 – 17295
Major Resistance	18672 – 18871 – 19224

NSE Nifty	5516.75
Major Support	5458 – 5328 – 5177
Major Resistance	5604 – 5659 – 5766

The markets closed indecisive with a spinning top formation on candlestick charts. For the week one needs to watch resistance @ 18672 for the Sensex and 5604 for the Nifty. These levels will keep the indices under pressure. Below these levels the indices will continue to trade weak. On the lower side supports should be watched @ 18199 for the Sensex and 5458 for the Nifty. If the indices fail to breach resistance levels then expect them to sell off further. Hold a scrip specific view…

Market View for Friday 03 Jun 2011

BSE Sensex	18494.18
Major Support	18390 – 18384 – 18266
Major Resistance	18540 – 18636

NSE Nifty	5550.35
Major Support	5521 – 5492 – 5458
Major Resistance	5568 – 5597

The markets traded dull after a gap down opening. Today is expected to be more or less flat as the markets lack triggers. For the sensex supports come in @ 18390 and for the nifty @ 5521 levels. On the higher side resistance comes in @ 18540 for the sensex and 5568 for the nifty. Hold a low profile…

Market View for Wednesday 01 Jun 2011

BSE Sensex	18503.28
Major Support	18384 – 18266
Major Resistance	18526 – 18724

NSE Nifty	5560.15
Major Support	5526 – 5492
Major Resistance	5571 – 5605

The markets opened with a gap up opening and managed to ride the morning trend. The close was in positive with a good mood prevailing throughout the day. For today as the markets get ready to trade watch resistance for the indices @ 18724 and 5605 for the Sensex and the Nifty. These are levels where the indices would face major resistance. On the lower side supports come in @ 18384 for the Sensex and 5526 for the Nifty. as for individual stocks it is better to hold a low profile…