Index Levels
BSE Sensex 16488.24
Major Support 16421 – 16179 – 15996
Major Resistance 16653 – 16819 – 16847
NSE Nifty 4943.65
Major Support 4921 – 4851 – 4799
Major Resistance 4990 – 5037 – 5049
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The markets feel the heat as players become cautious with the Euro meet scheduled today and tomorrow. It is make or break time for the Euro zone and along with it all the global markets round the world. If the Euro zone is not saved then a lot of hidden facts will come to surface and send our markets spiraling down to achieve all the analyst expectations. And if it is saved then there could be a crazy gap up opening for the markets which would sustain till the outcome is justified. This means that with a positive outcome we should ideally be able to hold a major sell off. It would not be able to improve the balance sheets immediately but could help in improving the sentiment and would act as a new sign of hope. This could also see the comeback of participants who have been sitting on the sidelines for a lot many days now. For the Sensex resistance comes in @ 16653 and for the Nifty @ 4990 levels. Below these levels and before we have the details of the outcome of the Euro leaders meet the markets would remain under pressure. Weakness could take the markets down to test all the supports mentioned. A gap down opening should be traded carefully as there are chances that with a gap down opening the markets could move into a sideways band and later in the noon decide its direction as the European markets open. As for stocks continue have positions with strict stop loss. Make use of Intraday Action Viewer built in PROFISION PRO.
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