Market View for Friday 02 Sep 2011

Index Levels

BSE Sensex 16676.75 |

Major Support 16585 – 16443

Major Resistance 16910 – 17256

NSE Nifty 5001.00

Major Support 4973 – 4927

Major Resistance 5078 – 5197

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The markets bounced back second day in a row on Tuesday. This momentum is expected to continue further as the indices correct from the recent fall witnessed from 5700 to 4800 levels. In the intraday the markets could stay volatile depending upon the way they open. If we witness a gap up opening then the movement for the day could be halted and at the same time if they open with a gap down opening then we could witness a good move up. For now the major sell off seems to be arrested. Most of the negative flows have been built in the price and this month contracts could bring in good opportunities. For the indices watch support coming in from the lows made on Tuesday. For the Sensex it exists @ 16443 and for the Nifty @ 4927 levels. On the higher side resistance comes in @ 17256 and for the Nifty @ 5197. Hold a scrip specific view. DO NOT FORGET TO BE AN OPPORTUNIST…

Market View for Tuesday 30 Aug 2011

Index Levels

BSE Sensex 16416.33

Major Support 16248 – 16080

Major Resistance 16462 – 16549 – 16910


NSE Nifty 4919.60

Major Support 4862 – 4806

Major Resistance 4934 – 4965 – 5078

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The markets rejoiced on the footsteps of the global markets which also traded in the green today. This is amidst ‘IRENE’ hitting United States. It seems that India celebrated the win of ANNA HAZARE. For Tuesday the markets would again try to rally as they have been battered for long. Only a gap up opening could prove to be a spoil sport and could bring in dull trade in the markets. For the Sensex one should watch support coming in @ 16248 and for the Nifty @ 4862 levels. On the higher side resistance comes in @ 16549 for the Sensex and 4965 for the Nifty. Once these levels are crossed then expect a big jump in the intraday move. Hold a scrip specific view…

Market View for Monday 29 Aug 2011

Index Levels
BSE Sensex 15848.83

Major Support 15765 – 15330 – 14684

Major Resistance 16155 – 16549 |

NSE Nifty 4747.80

Major Support 4692 – 4538 – 4353

Major Resistance 4843 – 4965

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The markets continued to sell off with negative flows from the domestic as well as the global front. At current levels the charts suggest that the weakness would continue but a dead cat bounce cannot be ruled out as the indices test supports on the lower side. This bounce would be small, temporary and could live for a few moments in the intraday trade. Choppy trading activity will rule the markets for now as the indices trade in oversold and with lack of positive triggers to lift the sentiments for now. For this week one needs to watch supports coming in @ 15330 for the Sensex and 4538 for the Nifty. These are good support levels where the indices could take a breather. On the higher side resistance exists @ 16155 for the Sensex and 4843 for the Nifty. Scrip specific action should rule the markets and one need to be an opportunist to make the maximum of the lonely opportunity which could come your way. Nothing much to write in this newsletter. Anna Hazare has won is what everybody is saying – but I would say that the victory is not yet in sight. The things need to materialize only then we can say the people have won. But one good thing which happened for sure is that Anna is alive to fight for us. Let’s hope for the best…