Index Levels
BSE Sensex 16745.35
Major Support 16709 – 16374
Major Resistance 16865 – 17047 – 17122
NSE Nifty 5031.95
Major Support 5019 – 4911
Major Resistance 5068 – 5123 – 5143
View
The markets traded dull and sideways. The volumes remained low with market players staying on the sidelines. As for intraday trading it was an overall good day with some nice pattern formations happening on intraday charts. For Tuesday the markets would try and take cues from the American markets as they open and then the trade would mostly be dictated by the intraday positions. September derivatives expiry is expected to be a dull one. As of levels one needs to watch major support @ 16374 for the Sensex and 4911 for the Nifty. Till the indices manage to hold on to these levels the markets would continue to stay afloat. Without positive triggers from the American and the rest of the world markets our markets will continue to trade dull. If these supports are broken then expect the indices to crack sharply and could bring action back in the markets. Gap up and gap down openings could be a spoil sport for the opening trend in the markets. Be cautious and wait for the trend to be formed before entering a trade in the intraday. Investors as of now should wait for good opportunities to come their way. Hold a scrip specific view…
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