Index Levels
BSE Sensex 17165.54
Major Support 16987 – 16922 – 16663
Major Resistance 17209 – 17256
NSE Nifty 5153.25
Major Support 5098 – 5080 – 4993
Major Resistance 5169 – 5197
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The markets traded indecisive with players sticking to caution on account of the Obama speech scheduled to happen on Thursday in the US. The amwerican president sees the crisis and has big plans to win over the problems faced there. To be true just like our governments he also has tough face saving job to be done before facing elections. People had voted for change when Obama was elected and the only change which made possible was that Osama is not longer on hit list. Coming back to our markets remember the worlds problems are our opportunities. But it is also not that simple and easy. If our government fails to curb inflation, price rise and corruption it would eventually fail to bring in new reforms as the opposition will not allow doing so. And if the reforms do not see the light of the day then we could also be facing a tough time. But again same like the US for them to save their skin they will have to find ways out. For now the choppiness would continue as the movement in the markets is decided by the small news flows and the cues which come in from the global markets. For the Sensex watch support @ 16987 and for the Nifty @ 5098 levels. As the markets move up from the current levels they could face tough time to move further up. On the higher side major resistance comes in @ 17256 for the Sensex and 5197 for the Nifty. It’s the last day of the week and it is better to hold a Low Profile for today.
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