Market View for Thursday 20 Oct 2011

Index Levels

BSE Sensex 17085.34

Major Support 16984 – 16883 – 16669

Major Resistance 17107 – 17188 – 17211

NSE Nifty 5139.15

Major Support 5109 – 5080 – 5011

Major Resistance 5148 – 5160 – 5169


View
The markets opened with a gap up opening and managed to move up throughout the day to close on a strong note. This was mainly due to the bank stocks with major heavyweights supporting this move. At current levels the indices are trading just below crucial resistances. The volumes will remain low with choppy trade. For the Sensex support for the day comes in @ 16984 and for the Nifty @ 5109. On the higher side major resistance comes in @ 17188 – 17211 for the Sensex and 5160 – 5169 for the Nifty. If the indices manage to move up again then at higher levels they are expected to face a tough time. Hold a scrip specific view…

Market View for Tuesday 18 Oct 2011

Index Levels

BSE Sensex 17025.09

Major Support 16928 – 16836 – 16660

Major Resistance 17176 – 17191

NSE Nifty 5118.25

Major Support 5084 – 5057 – 5011

Major Resistance 5160 – 5168


View
The indices have been trading near the upper band of the current range. These are levels where the indices will face resistance and are expected to witness a correction. This period can also see the indices moving down to test supports at the lower end of the band. For today watch resistance @ 17176 for the Sensex and 5160 for the Nifty. On the lower side watch supports coming @ 16836 for the Sensex and 5057 for the Nifty. Hold a Low Profile…