| 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.
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