Market View for Friday 12 Aug 2011

Index Levels
BSE Sensex 17059.40

Major Support 17012 – 16858 – 16759

Major Resistance 17256

NSE Nifty 5138.30

Major Support 5121 – 4947

Major Resistance 5198


View
The markets seem to take a breather for the last two trading sessions. Volatility as predicted has come down and will be low even today. Next week having only 3 trading sessions we expect investors not to commit on either side of the markets. For today supports will be seen at 17012 and 5121 on the BSE Sensex and the NSE Nifty respectively. If we trade below these levels then we should witness a sell off to test the next support levels. We continue with our view - Investors who have already sold should stay away from the markets.

Market View for Wednesday 10 Aug 2011

BSE Sensex 16857.91

Major Support 16681 – 16500

Major Resistance 17000 - 17300

NSE Nifty 5072.85

Major Support 4935 – 4900 – 4862

Major Resistance 5150 – 5200

The markets once again taking global cues opened with a huge gap down, mid day we saw a good pullback which took the indices in the green only to let the markets go back to close the day in red. We are seeing some kind of support at lower levels. After so many days of volatile sessions we expect the day to be calm today with a minor see-saw. Again the volumes recorded were also very high. For today supports will be seen at 16681 – 16500 and 5000 - 4946 on the BSE Sensex and the NSE Nifty respectively. Investors who have already sold should stay away from the markets.

Market View for Tuesday 09 Aug 2011

BSE Sensex 16990.18

Major Support 16560 – 16318

Major Resistance 17000

NSE Nifty 5118.50

Major Support 4935 – 4900 – 4862

Major Resistance 5150

The markets opened with a big down gap yesterday, mid day we saw a good pullback which was to fool the investors at large. Finally the supply overpowered the demand as mentioned in yesterdays news letter. Again the volumes recorded were also very high. For today supports will be seen at 16318 and 4862 on the BSE Sensex and the NSE Nifty respectively. Investors who have already sold should stay away from the markets. Traders should use every rise to short with a momentum view.

Market View for Monday 08 Aug 2011

BSE Sensex 17305.87

Major Support 16470 – 16000

Major Resistance 17830

NSE Nifty 5211.25

Major Support 5000 – 4935

Major Resistance 5372

The markets opened a big down gap last Friday. The volumes recorded were also very high. This basically tells us that the supply has clearly overpowered the demand. With a bearish trend reversal pattern on the indices with confirmation the outlook on the market will be bearish for the medium term. Yes, we will see relief rallies that we will witness but these rallies should be sold into. For today supports will be seen at 16470 and 5000 on the BSE Sensex and the NSE Nifty respectively.