Index Levels
BSE Sensex 15848.83
Major Support 15765 – 15330 – 14684
Major Resistance 16155 – 16549
NSE Nifty 4747.80
Major Support 4692 – 4538 – 4353
Major Resistance 4843 – 4965
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The markets continued to sell off with negative flows from the domestic as well as the global front. At current levels the charts suggest that the weakness would continue but a dead cat bounce cannot be ruled out as the indices test supports on the lower side. This bounce would be small, temporary and could live for a few moments in the intraday trade. Choppy trading activity will rule the markets for now as the indices trade in oversold and with lack of positive triggers to lift the sentiments for now. For this week one needs to watch supports coming in @ 15330 for the Sensex and 4538 for the Nifty. These are good support levels where the indices could take a breather. On the higher side resistance exists @ 16155 for the Sensex and 4843 for the Nifty. Scrip specific action should rule the markets and one need to be an opportunist to make the maximum of the lonely opportunity which could come your way. Nothing much to write in this newsletter. Anna Hazare has won is what everybody is saying – but I would say that the victory is not yet in sight. The things need to materialize only then we can say the people have won. But one good thing which happened for sure is that Anna is alive to fight for us. Let’s hope for the best…
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