Index Levels
BSE Sensex - 17850.22
Major Support - 17792 – 17705 – 17622
Major Resistance - 17972 – 18040 – 18303 – 18523
NSE Nifty - 5415.35
Major Support - 5393 – 5368 – 5341
Major Resistance - 5448 – 5499 – 5561 – 5629
View
The markets opened with a gap up opening and managed to move up in the first half session but finally giving way to sell off during the last hour of trade. This is the type of price movement which we have observed thrice in this week. today is the last day of the week and we get into trade again without much triggers for the markets to move. This is s market where profits should be pocketed. Another observation this week has been that the Nifty manages to move up only if it finds support from the Bank Nifty. If the two charts are compared then they look identical. For today one needs to watch the highs and lows made yesterday as the day end closing on candlestick charts was a DOJI formation. This symbolizes indecision on bulls as well as bears. Lets not forget the August expiry is also coming near and this could further see the markets get choppy. This contract month has witnessed the Nifty move from 5100 levels to 5400 levels therefore it is quite possible that if the Nifty manages to stay above 5350 levels then we could see short covering coming in the markets in the last few days of expiry. But if the Nifty cracks below 5350 levels then that would mean most of traders have been long during this month and now profit booking is setting in. for today lets watch support @ 17792 for the Sensex and 5393 for the Nifty. On the higher side resistance comes in @ 17972 for the Sensex and 5448 for the Nifty. Between these levels it is advisable that traders hold a low profile. Investors should continue to have a scrip specific view. Happy Investing & Happy Educating!
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