Market View for Friday 10 Jun 2011

BSE Sensex	18384.90
Major Support	18327 – 18258
Major Resistance	18449 – 18505 – 18545

NSE Nifty	5521.05
Major Support	5502 – 5479
Major Resistance	5540 – 5556 – 5570

The markets have narrowed down their intraday movement in the last seven days. Today was a dull session but tomorrow could bring in surprise. Incidentally tomorrow also happens to be the last day of the week and also the eight day of consolidation. Normally on technical charts the eight or the ninth day of such consolidations brings in interest in the markets. We have always believed in facts and therefore it is better for us to go by levels then by assumptions. For the Sensex one needs to watch 18449 as resistance and an upward trend decider and for the Nifty @ 5540 level. On the lower side supports and downward trend deciders should be watched @ 18327 for the Sensex and 5502 for the Nifty. Hold a scrip specific view…

Market View for Thursday 09 Jun 2011

BSE Sensex	18394.29
Major Support	18365 – 18258
Major Resistance	18505 – 18545 – 18672

NSE Nifty	5526.85
Major Support	5514 – 5479
Major Resistance	5556 – 5570 – 5604

The markets closed with a spinning top formation on charts. The last 6 days have seen the markets trade in a narrow range with the opening either being up or down with gap and later reversing the move. The day could be another sideways day within the range. The resistance and support levels need to be closely watched for a breach of the current trend. As per PROFISION charts the trend is expected to change either on the coming Friday or Monday. Till then watch resistance for the Sensex @ 18505 and for the Nifty @ 5556 levels. On the lower side supports come in @ 18365 for the Sensex and 5514 for the Nifty. Charts on individual stocks are suggesting a wait and watch approach for now. Hold a Low Profile…

Market View for Wednesday 08 Jun 2011

BSE Sensex	18495.62
Major Support	18355 – 18258
Major Resistance	18545 – 18554 – 18672

NSE Nifty	5556.15
Major Support	5509 – 5479
Major Resistance	5570 – 5604

The markets opened with a gap down opening and moved up to close in the green. The movement was slow and steady throughout the day. As the indices head northwards they would face resistance @ 18545 for the Sensex and 5570 for the Nifty. These levels could bring in high levels of choppiness and caution in the markets. On the lower side supports come in @ 18355 for the Sensex and 5509 for the Nifty. Scrips are not showing any strong patterns as of now. The next triggers for the markets on the domestic front could be the first quarter earning numbers which still are one month away. This month expect the markets to trade more or less at the current levels. Hold a Low Profile…

Market View for Tuesday 07 Jun 2011

BSE Sensex	18420.11
Major Support	18344 – 18258 – 18199
Major Resistance	18458 – 18554 – 18672

NSE Nifty	5532.05
Major Support	5504 – 5479 – 5458
Major Resistance	5542 – 5565 – 5604

The markets traded choppy as they opened weak and later bounced back to recover all the losses made during the day to finally close in the green. The markets are expected to trade under pressure as they move to higher levels. Choppiness is here to stay for now. As for levels watch resistance @ 18458 for the Sensex and 5542 for the Nifty. On the lower side supports come in @ 18344 and 5504 for the Sensex and the Nifty respectively. Weakness persists. Hold a scrip specific view…

Market View for Monday 06 Jun 2011

BSE Sensex	18376.48
Major Support	18199 – 17786 – 17295
Major Resistance	18672 – 18871 – 19224

NSE Nifty	5516.75
Major Support	5458 – 5328 – 5177
Major Resistance	5604 – 5659 – 5766

The markets closed indecisive with a spinning top formation on candlestick charts. For the week one needs to watch resistance @ 18672 for the Sensex and 5604 for the Nifty. These levels will keep the indices under pressure. Below these levels the indices will continue to trade weak. On the lower side supports should be watched @ 18199 for the Sensex and 5458 for the Nifty. If the indices fail to breach resistance levels then expect them to sell off further. Hold a scrip specific view…