Index Levels
BSE Sensex - 17691.08
Major Support - 17551 – 17522 – 17313
Major Resistance - 17801 – 18040 – 18303 – 18523
NSE Nifty - 5366.30
Major Support - 5316 – 5309 – 5260
Major Resistance - 5400 – 5499 – 5561 – 5629
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The markets continued to move up again last week. The close has been above the falling trend line plotted joining all the tops from November 2010. This is one good sign for the markets. Now going forward from here the markets should use these levels as support and move up further from here. If this happens then we would the sentiments in the market improving to further help the indices move up. For this week watch 17522 as support for the Sensex and 5309 as support for the Nifty. On the higher side resistance comes in @ 17801 and 5400 for the Sensex and the Nifty respectively. For further bullishness the markets need to breach these sentimental barriers. Till the time the Nifty stays below these levels it would trade with extreme choppiness. Investors should hold a scrip specific view. Traders should wait for the right opportunities to get into the markets. Happy Investing & Happy Educating!
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