Market View for Friday 29 Jul 2011

BSE Sensex 18209.52

Major Support 18188 – 18132 – 18022

Major Resistance 18327 – 18571

NSE Nifty 5487.75

Major Support 5475 – 5434 – 5407

Major Resistance 5512 – 5588

The markets opened with a gap down opening and continued to buck downwards under pressure of the RBI policy overhang. The closing is below the current range and therefore is a very weak sign for the markets. Friday being the last day of the week would be an important day for the markets. If the markets have to buck this trend then that could happen immediately in a day or two. Weakness is expected to stay till the indices trade below 18327 for the Sensex and 5512 for the Nifty. On the lower side the indices could test supports @ 18188 – 18022 for the Sensex and 5475 – 5407 for the Nifty. Individual stocks may continue to move their own way and therefore it would be better to hold a scrip specific view.

Market View for Thursday 28 Jul 2011

BSE Sensex 18432.25

Major Support 18358 – 18326

Major Resistance 18571 – 18708 – 18898

NSE Nifty 5546.80

Major Support 5521 – 5496

Major Resistance 5588 – 5631 – 5688

The markets continued to trade under pressure from the day before yesterday’s announcements made by the RBI governor. At current levels the indices have approached good support levels. If the indices respect these levels then the markets would continue to stay in strong hands. If these levels are cracked then that would suggest that we should get ready for a correction in the immediate short term. As of levels watch supports coming in @ 18358 – 18326 for the Sensex and 5521 - 5496 for the Nifty. On the higher side resistance should be watched @ 18571 for the Sensex and 5588 for the Nifty. Hold a scrip specific view…

Market View for Wednesday 27 Jul 2011

BSE Sensex	18518.22
Major Support	18481 – 18415 – 18326
Major Resistance	18708 – 18898 – 18944

NSE Nifty	5574.85
Major Support	5560 – 5532 – 5496
Major Resistance	5631 – 5688 – 5702

The markets started off on a steady note finally to give way to the statements coming out from the RBI. As the governor announced a hike in the interest rate the markets saw them selling off in a big way. The indices today have sold off from the important resistance coming in from the falling trendline. This also marks the formation of good resistance and in the future it will play an important role whenever the markets try to rally. The sell off could bring in further indecisiveness in the markets atleast for the week going ahead. Some good announcements from scam struck Indian government are a must to bring some cheer. As of levels the Sensex has a resistance @ 18708 and Nifty has it @ 5631 levels. On the lower side supports should be seen coming in @ 18481 – 18415 for the Sensex and 5560 – 5532 for the Nifty. Scrip specific action will continue in the markets. Investors should wait for some nice formations on charts.

Market View for Tuesday 26 Jul 2011

BSE Sensex	18871.29
Major Support	18753 – 18670 – 18533
Major Resistance	18932 – 19084 – 19131

NSE Nifty	5680.30
Major Support	5633 – 5616 – 5567
Major Resistance	5700 – 5740

The markets continued to rally to reach crucial resistances. At current levels the indices will face major resistance coming in from the falling trend line as well as from the highs made earlier this month. This is all amidst numbers not playing spoil sport anytime soon. For the Sensex watch resistance coming in @ 18932 and for the Nifty @ 5700 levels. Today is a crucial day as we wait and see the way markets react at these levels. On the lower side supports come in @ 18753 for the Sensex and 5633 for the Nifty. Hold a scrip specific view… Get ready for some action in the markets.

Market View for Friday 22 Jul 2011

BSE Sensex	18436.19
Major Support	18415 – 18326
Major Resistance	18566 – 18629 – 18765

NSE Nifty	5541.60
Major Support	5532 – 5496
Major Resistance	5578 – 5604 – 5642

The indices continued to trade sideways and dull. Weakness was clearly seen as the prices closed lower. On day end closing basis the indices formed spinning tops on candlestick patterns suggesting a cautious and indecisive mood on part of market players. Scrip specific movement continued with the main trigger being the numbers. Petronet which announced numbers day before yesterday saw some good interest in the counter. Though the numbers may make the indices take a breather players will witness scrip specific action. This should prove to be a good opportunity for the players in the current times. As of levels the Sensex has a support @ 18415 and the Nifty has it @ 5532 levels. On the higher side resistance comes in @ 18566 for the Sensex and 5578 for the Nifty. Watch these levels closely as when they are breached the indices may find themselves moving in that direction. Hold a scrip specific view…

Market View for Thursday 21 Jul 2011

BSE Sensex	18502.38
Major Support	18765 – 18481 – 18326
Major Resistance	18629 – 18765 – 18690

NSE Nifty	5567.05
Major Support	5555 – 5496
Major Resistance	5605 – 5642 – 5654

The indices traded flat with indecisive mood prevailing in the markets. The markets would continue to trade choppy sideways as the numbers continue to remain dull. For the Sensex watch resistance @ 18629 and for the Nifty @ 5605 levels. On lower side support comes in @ 18765 for the Sensex and 5555 for the Nifty. Stocks are not showing any strong patterns and therefore it is advised to hold a low profile…

Market View for Wednesday 20 Jul 2011

BSE Sensex	18653.87
Major Support	18521 – 18481 – 18326
Major Resistance	18690 – 18936 – 19000

NSE Nifty	5613.55
Major Support	5569 – 5557 – 5496
Major Resistance	5627 – 5654 – 5700

The indices rallied in the late hours on Tuesday. Most of the trade was due to short covering lead by traders running in to cover their positions. The positions are mostly driven by the numbers announced by the companies as of now. Traders playing it blind without discipline tend to get trapped on such occasions making the markets swing. This is a good opportunity for traders who trade based on logic. Some results to watched tomorrow which could also see action in the price of stocks are Petronet LNG, Polaris, Dish TV, LIC Hsg, Bharati Ship, Rel Ind Infra, Dr Reddy. As for the indices watch resistance @ 18690 for the Sensex and 5627 for the Nifty. On the lower side watch supports @ 18521 for the Sensex and 5569 for the Nifty. Hold a scrip specific view…