Index Levels
BSE Sensex 17466.20
Major Support 17426 – 17008 – 16828
Major Resistance 17619 – 17772 – 18040
NSE Nifty 5317.90
Major Support 5305 – 5171 – 5063
Major Resistance 5369 – 5420 – 5499
View
The markets were disappointed with the budget. They cracked on Friday with selling coming in at the fag end of trading hours. Overall the budget was a flat one with no major positive or negative sides to it. This could be taken by global investors positively with hurdles now crossed and no negative triggers the flow of money should continue. The next big trigger for the markets is the yearly numbers which will be announced in 20 days time. The indices have closed with bearish candles for the week but they continue to survive above the trend line support. This is an extreme positive for the markets. With this trend line surviving as a major support we could see the markets rallying further. The view will change only if we are surprised on the global front which brings in selling and breaks below this support. Till such a time one can stick to stock specific action. For the Sensex watch support @ 17008 and for the Nifty @ 5171. On the higher side watch resistance @ 17619 for the Sensex and 5369. A move above these levels will confirm our above view of selling observed on Friday to be a temporary one. Till such a time one should continue to trade with strict stop losses.
No comments:
Post a Comment