Index Levels
BSE Sensex 17804.80
Major Support 17347 – 17189 – 17011
Major Resistance 17908 – 18121
NSE Nifty 5360.70
Major Support 5220 – 5164 – 5114
Major Resistance 5399 – 5475
View
The markets closed the week with big thumbs up. The first step towards the solution on the European crisis presented the first reason for the markets to rejoice that too after having gone through the ups and downs of the earnings season. The markets which were trading in a range for two months gave a breakout on Friday. The only negative about this breakout was the gap up opening. The indices opened with a 3% gap up and may start the coming week on a damp mood. They could also witness a correction to retest the breakout levels and the later direction could decide the fate for the markets in the coming few days. As they move forward from here the next big resistance comes in from the falling trend line joining all the tops from the all time high levels. For the coming week watch support @ 17189 for the Sensex and 5164 for the Nifty. If the markets survive these levels on a correction and then manage to move up then the bulls would gain control over the markets. On the higher side the indices should test levels of 17908 – 18121 for the Sensex and 5399 – 5475 for the Nifty. During this period scrip specific action is expected to continue. Hold a scrip specific view…
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