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…

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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.