Market View for Wednesday 29 Jun 2011

BSE Sensex	18492.45
Major Support	18323
Major Resistance	18527 – 18672

NSE Nifty	5545.30
Major Support	5496
Major Resistance	5558 – 5605

The markets took a pause after displaying a rally for the last 3 days. The closing was a Doji on candlestick patterns. This signifies indecisive mood as the June contracts expire in the coming two days. For the markets today watch major support @ 18323 for the Sensex and 5496 for the Nifty. Above these levels the indices will continue to hold their ground. Choppiness could come in as indices would face resistance coming in from 18527 – 18672 for the Sensex and 5558 – 5605 for the Nifty. Hold a scrip specific view…

Market View for Tuesday 28 Jun 2011

BSE Sensex	18412.41
Major Support	18272 – 18132
Major Resistance	18494 – 18672

NSE Nifty	5526.60
Major Support	5483 – 5441
Major Resistance	5552 – 5605

The markets continued to rally for the third consecutive day. The rally could continue for another day as they reach major resistance levels. This rally could also trigger short covering as the June derivative contracts approach expiry on the coming Thursday. For the day watch supports @ 18272 for the Sensex and 5483 for the Nifty. Above these levels the markets would trade strong and test resistances @ 18494 – 18672 for the Sensex and 5552 – 5605 for the Nifty. Wait for intraday trading opportunities during the day. As of investment it is better to hold a low profile.

Market View for Monday 27 Jun 2011

BSE Sensex	18240.68
Major Support	17925 – 17314 – 17295
Major Resistance	18672

NSE Nifty	5471.25
Major Support	5372 – 5195 – 5177
Major Resistance	5605

The markets bounced on Friday closing to record the highest gain after 13 April 2011. The chart formation on weekly periods suggests that the indices have respected a support from February 2011 and another from the rising channel which it has been trading with from November of 2009. These levels now have become important and should be expected to be cracked only on some unexpected negative development in the markets. Till such a time the markets would more likely trade range bound with the indices bouncing back to the upper end of the rising channel. Days of consolidation could continue due to lack of triggers. As of levels the indices would find support coming in @ 17925 for the Sensex and 5372 for the Nifty. Major supports for one odd day sell off’s should find support @ 17314 – 17295 for the Sensex and 5195 – 5177 for the Nifty. On the higher side resistance should be watched @ 18672 for the Sensex and 5605 for the Nifty. Individual stocks are not showing good price patterns therefore one should hold a low profile. Short term positional or trading opportunities should be caught in the current scenario for making money.

Market View for Friday 24 Jun 2011

BSE Sensex	17727.49
Major Support	17526 – 17482 – 17314
Major Resistance	17754 – 17925

NSE Nifty	5320.00
Major Support	5252 – 5195
Major Resistance	5330 – 5372

The markets traded choppy but with low levels of activity. Over all consolidating the gains and losses observed in the last few days. It is the last day of the week and the markets would trade under pressure. As of levels watch resistance for the Sensex @ 17754 and for the Nifty @ 5330 levels. On the lower side support comes in @ 17526 for the Sensex and 5252 for the Nifty. Between these levels the markets would remain dull. No stock picks as of now. It is advisable to have a wait and watch approach.

Market View for Thursday 23 Jun 2011

BSE Sensex	17550.63
Major Support	17492 – 17314 – 17295
Major Resistance	17678 – 17715 – 17925

NSE Nifty	5278.30
Major Support	5262 – 5257 – 5195
Major Resistance	5310 – 5322 – 5372

The markets continued to remain flat with dull activity as players tried to forget the tax mans news which was circulating in the markets two days back. For the day watch support @ 17314 for the Sensex and 5257 for the Nifty. On the higher side resistance comes in @ 17715 for the Sensex and 5322 for the Nifty. In between these levels it would be advisable to hold a low profile as the market players would remain directionless.

Market View for Wednesday 22 Jun 2011

BSE Sensex	17560.30
Major Support	17504 – 17314 – 17295
Major Resistance	17715 – 17925

NSE Nifty	5275.85
Major Support	5257 – 5195 – 5177
Major Resistance	5322 – 5372

The markets traded indecisive as the there was relief on the tax mans front related to the money routed through Mauritius. Most of the stocks traded sideways and this type of movement is expected to continue. For the day watch supports @ 17504 for the Sensex and 5257 for the Nifty. On the higher side resistance will be faced @ 17715 for the Sensex and 5322 for the Nifty. Between these levels the markets would remain choppy and dull. Avoid trading between these levels. Hold a low profile as individual stocks are not showing any signals for now.

Market View for Tuesday 21 Jun 2011

BSE Sensex	17506.63
Major Support	17314 – 17295
Major Resistance	17715 – 17925

NSE Nifty	5257.90
Major Support	5195 – 5177
Major Resistance	5315 – 5372

The markets sold off big way as the streets were full of news that the Tax man has finally got up from a long sleep over money routed through Mauritius. This brought the markets tumbling down breaking all the intraday supports. Now the Sensex has crucial support @ 17314 – 17295 and the Nifty has it @ 5195 – 5177 levels. On the higher side resistance comes in @ 17715 for the Sensex and 5315 for the Nifty. The markets could be gripped by weakness amidst these threads of news spreading through the media. The day could also see major sell off in stocks of companies having notorious backgrounds of laundering money via the Mauritius route. Choppiness will remain high and a gap down opening could also bring in surprise moves in the afternoon hours. Hold a Low Profile…