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…

Market View for Tuesday 19 Jul 2011

BSE Sensex	18507.04
Major Support	18469 – 18326 – 18132
Major Resistance	18622 – 18694 – 18936

NSE Nifty	5567.05
Major Support	5550 – 5496
Major Resistance	5596 – 5654

The indices formed a spinning top formation on day end closing basis. This candlestick pattern symbolizes indecisive mood on account of market players. Tomorrow one of the results to be watched is Wipro and that is one announcement which could make the markets move. For tomorrow one needs to watch the highs and lows created on Monday as trend decider levels. Resistance and upward trend decider level should be watched @ 18622 for the Sensex and 5596 for the Nifty. On the lower side support and downward trend decider level should be watched @ 18469 for the Sensex and 5550 for the Nifty. With the uncertainty of the markets it is better for the investor to hold lower strike put options in Nifty which would be available cheap. This would also act as a hedge against the stocks held in the portfolios. For now hold a scrip specific view.

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Market View for Monday 18 Jul 2011

BSE Sensex	18561.92
Major Support	18326 – 18132 – 17314
Major Resistance	18823 – 18936 – 19131

NSE Nifty	5581.10
Major Support	5496 – 5441 – 5195
Major Resistance	5653 – 5740

The markets traded indecisive throughout the week with two side movement. This was mainly due to the quarterly earnings which were being declared. From November 2010 it is the first time that we have seen the indices manage to make higher bottom and now it is to be seen whether they are able to make a higher top. This is an observation on weekly charts. A lower bottom could be a weak sign for the markets. These levels which one can watch with a medium term view are 5944 on the higher side and 5195 on the lower side for the Nifty. Watch these levels with a 3 month view. As for the immediate short term the indices face a resistance as they try to move up from current levels. This comes in from a falling trend line which exists @ 5740 for the Nifty and 19131 for the Sensex. So all upsides during this results month are expected to be caught at this trend line. For the current week supports and resistances which one needs to watch are the highs and lows made by the indices last week. These levels are 18936 for the Sensex and 5653 for the Nifty on the higher side. And on the lower side supports to be watched are @ 5496 for the Nifty and 18326 for the Sensex. The markets are expected to trade more or less near these levels. Scrips are expected to move as per the way players understand the numbers announced. Choppiness will remain high and intraday moves will be dictated by the positions in which traders are stuck.