Index Levels
BSE Sensex - 17429.56
Major Support - 17337 – 17313 – 16919
Major Resistance - 17599 – 17769 – 17972
NSE Nifty - 5258.50
Major Support - 5238 – 5129 – 5032
Major Resistance - 5323 – 5387 – 5448
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The markets sold off last week. This was more due to the profit booking of the rally witnessed in the August series. With this move the indices have now closed near crucial support levels. These levels come in from the falling trendline plotted after joining all the recent tops on the weekly charts. These levels are important cause if the markets dip below these levels then it would mean that the breakout above this resistance was false and this could make the markets sell off further. Below these levels the Nifty could see a slide down to 5000 levels. Till the time we stay above these levels expect the markets to consolidate with a view of gathering strength for the further move. This week watch support for the Sensex @ 17337 and 5238 for the Nifty. Get ready for a week which could be driven by stock specific action. Happy Investing & Happy Educating!
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