Index Levels
BSE Sensex 15738.70
Major Support 15440 – 15135 – 14684
Major Resistance 15911 – 16354
NSE Nifty 4714.00
Major Support 4623 – 4531 – 4353
Major Resistance 4763 – 4906
View
The markets witnessed choppy trade finally managing to close the week in the green but below the crucial levels below which it had broken in the earlier week. The close overall continues to remain because it failed to penetrate above the crucial level. This is the last week for the calendar year and with most players enjoying holidays could further see a slide in the trading volumes. It also happens to be yearly accounts closing for most of the foreign institutional players. It is said that the month of December sees a good closing because of accounts closing. This time could be different till we trade below the crucial levels. Major Resistance should be watched @ 15911 for the Sensex and 4763 for the Nifty. If the markets sustain above these levels then expect the markets to get into a consolidation phase. This could happen if the negative news flows stop coming in the markets. Europe continues to be a hanging sword on the markets. With elections scheduled in 5 states in the coming 3 months could further see a slide on the policy making process. This is a sentiment dampner for the markets. Also starting January we would witness earnings numbers for the 3rd quarter flowing in and that could bring in all kind of moods back – good, bad and ugly. From the earnings witnessed till now they do not seem to favour any spicy treat for the markets. The next big trigger for the markets would be budget and I wish the decision makers do give some life to the markets through a good budget. Lets hope for the best.
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