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…