Market View for Friday 04 Nov 2011

Index Levels
BSE Sensex 17481.93

Major Support 17278 – 17189

Major Resistance 17527 – 17661 – 17813

NSE Nifty 5265.75

Major Support 5201 – 5164

Major Resistance 5281 – 5310 – 5360


View
The markets rally due to broad based short covering witnessed after noon hours. This was with help from the European markets which witnessed a rally after a gap down opening. Today the markets are expected to open with a gap up opening and the later direction would be decided by the cues coming in from the rest of the markets in the world and the intraday positions. One good thing about our markets is that they now have filled the gap which was left as they had opened with a gap up opening on last Friday. This is a good sign and could help the markets gallop further without any negative vibes coming in from the rest of world markets. As of levels watch 17278 as crucial support for the Sensex and 5201 for the Nifty. On the higher side the indices could try and test 17661 and 5310 on the higher side today.

Market View for Wednesday 02 Nov 2011

Index Levels

BSE Sensex 17480.83

Major Support 17422 – 17347 – 17189

Major Resistance 17661 – 17813 – 17908

NSE Nifty 5257.95

Major Support 5238 – 5220 – 5164

Major Resistance 5310 – 5360 – 5399


View
The markets witness hangover of the European crisis and continue their consolidation as the players seem to have disappeared at current levels. Lets not forget that the markets have moved above their trading range of Sept and Oct with a gap up opening on the last Friday. This surely is not a good sort of a breakout for any chart / price. Now if the markets have to continue the momentum then they need to test the breakout levels and move up again with strength. Till then the markets are expected to remain damp. For today watch support for the Sensex @ 17422 and for the Nifty @ 5238 levels. On the higher side watch resistance for the Sensex @ 17661 and for the Nifty @ 5310 levels. Hold a scrip specific view…

Market View for Tuesday 01 Nov 2011

Index Levels

BSE Sensex 17705.01

Major Support 17668 – 17347 – 17189

Major Resistance 17813 – 17908 – 18121

NSE Nifty 5326.60

Major Support 5314 – 5220 – 5164

Major Resistance 5360 – 5399 – 5475


View
As expected the markets opened at the levels where they had closed and traded flat throughout the day. This was also on account of the Asian markets which were trading flat and dull. Today could also be another day like yesterday with the mood dampening announcement of a finance company filing for bankruptcy in the US. We need to remember that on Friday the markets have left a big gap when they opened higher. This gap has to be filled before a big rally can be witnessed in our markets. Scrip specific action is expected to continue during this period. Keep a close eye on the immediate supports. These if broken could trigger the markets falling down to fill the gaps. Watch them @ 17668 for the Sensex and 5314 for the Nifty. On the higher side resistance should be seen coming in from the high levels of yesterday which exist @ 17813 for the Sensex and 5360 for the Nifty. A breach of any of the levels mentioned could see the markets moving in that direction. Hold a scrip specific view…

Market View for Monday 31 Oct 2011

Index Levels

BSE Sensex 17804.80

Major Support 17347 – 17189 – 17011

Major Resistance 17908 – 18121

NSE Nifty 5360.70

Major Support 5220 – 5164 – 5114

Major Resistance 5399 – 5475

View
The markets closed the week with big thumbs up. The first step towards the solution on the European crisis presented the first reason for the markets to rejoice that too after having gone through the ups and downs of the earnings season. The markets which were trading in a range for two months gave a breakout on Friday. The only negative about this breakout was the gap up opening. The indices opened with a 3% gap up and may start the coming week on a damp mood. They could also witness a correction to retest the breakout levels and the later direction could decide the fate for the markets in the coming few days. As they move forward from here the next big resistance comes in from the falling trend line joining all the tops from the all time high levels. For the coming week watch support @ 17189 for the Sensex and 5164 for the Nifty. If the markets survive these levels on a correction and then manage to move up then the bulls would gain control over the markets. On the higher side the indices should test levels of 17908 – 18121 for the Sensex and 5399 – 5475 for the Nifty. During this period scrip specific action is expected to continue. Hold a scrip specific view…