| BSE Sensex | 18561.92 |
| Major Support | 18326 – 18132 – 17314 |
| Major Resistance | 18823 – 18936 – 19131 |
| NSE Nifty | 5581.10 |
| Major Support | 5496 – 5441 – 5195 |
| Major Resistance | 5653 – 5740 |
The markets traded indecisive throughout the week with two side movement. This was mainly due to the quarterly earnings which were being declared. From November 2010 it is the first time that we have seen the indices manage to make higher bottom and now it is to be seen whether they are able to make a higher top. This is an observation on weekly charts. A lower bottom could be a weak sign for the markets. These levels which one can watch with a medium term view are 5944 on the higher side and 5195 on the lower side for the Nifty. Watch these levels with a 3 month view. As for the immediate short term the indices face a resistance as they try to move up from current levels. This comes in from a falling trend line which exists @ 5740 for the Nifty and 19131 for the Sensex. So all upsides during this results month are expected to be caught at this trend line. For the current week supports and resistances which one needs to watch are the highs and lows made by the indices last week. These levels are 18936 for the Sensex and 5653 for the Nifty on the higher side. And on the lower side supports to be watched are @ 5496 for the Nifty and 18326 for the Sensex. The markets are expected to trade more or less near these levels. Scrips are expected to move as per the way players understand the numbers announced. Choppiness will remain high and intraday moves will be dictated by the positions in which traders are stuck.
No comments:
Post a Comment