Index Levels
BSE Sensex 17486.02
Major Support 17429 – 17382 – 16920
Major Resistance 17664 – 17687 – 17772 – 18040
NSE Nifty 5322.90
Major Support 5296 – 5278 – 5135
Major Resistance 5378 – 5385 – 5420 – 5499
View
The last week was a short week with 3 trading sessions. The first two days witnessed bullishness continued from the earlier week but the last day that is Wednesday was a little depressed with a gap down opening. The current formation of prices on the PROFISION charts tells us that the indices have formed two important levels for themselves and are range bound between these levels for now. The lower level remains the current lows which the indices respected when then sold off in the last week of March. The higher level comes in from a falling trend line which has formed on the extreme short term PROFISION charts drawn by joining the high of 22 Feb and 14 March. This falling trend line plays an important role in the immediate short term as it was respected by the markets on 3 April after which a small sell off was witnessed. With these reasoning the PROFISION charts suggest that going forward this week we need to watch 17664 as major resistance for the Sensex and 5378 for the Nifty. A breakout above these levels will give us a sigh of relief that the markets would at least head towards the recent highs so a move of 5 to 8% from current levels. On the lower side we need closely watch the support @ 16920 for the Sensex and 5135 for the Nifty. Between this range the markets should remain choppy. The next week will also witness the start of the flow of yearly earning numbers. According to me this won’t matter much as the markets continue to witness positive undercurrent till it stays above the crucial support mentioned above. Going forward some of the challenges for the our markets would remain in form of the rise in the crude price, any form of horrible announcement during the earning season, any hurdle created by the Government. Greece remains an issue but may not be a challenge – cause everyone knows that they have to be out of the ditch – sooner or later. The solution for them now is TIME. During the earnings season Intraday trades could be a risky if one does not follow discipline. Investors should wait for nice opportunities – enter all trades with proper stop loss. Happy Investing & Happy Educating! Remember – We Are Always By Your Side In Your Venture In The Stock Markets! Whenever in doubts call (020) 66 86 86 86. >>>>>>>>>>>>>>>>>>>>>>>>>>>>>> LAUNCHING SOON >>>>>>>>>>>>>>>>>>>>>>>>>>>>>> 1) MARKET VIEW ON YOUR MOBILE 2) COMMODITY TRADER – Pro (Intraday Technical Analysis Software for Commodities) 3) COMMODITY TRADER – Eod (Positional Signals on Commodities) 4) INTRADAY TA PICKS ON YOUR MOBILE 5) OPTIONS TRADER – Pro (Intraday Technical Analysis Software for trading options of NIFTY & BANK NIFTY) >OUR MISSION - 'We are committed to empower you with products which will help you to win the stock market’<
