Market View for Friday 20 Jan 2012

Index Levels

BSE Sensex 16643.74

Major Support 16573 – 16517 – 16384

Major Resistance 16662 – 16819 – 16847

NSE Nifty 5018.40

Major Support 4995 – 4977 – 4931

Major Resistance 5024 – 5037 – 5049


View
The indices opened in positive and stayed afloat throughout the day. The move up was capped as the indices have moved up significantly till now. At current levels the bulls could get cautious and that could bring in choppiness. Expect tough resistance coming in from current levels to a percent above from here. A gap up opening could see the indices moving sticky and such an open could also bring in some long unwinding in the overall markets. As of levels watch resistance for the Sensex @ 16819 and for the Nifty @ 5037 – 5049. On the lower side supports come in @ 16517 – 16384 for the Sensex and 4977 – 4931 for the Nifty. Today is a day to be extra cautious and it is advisable to enter trades of double confirmation.

Market View for Tuesday 17 Jan 2012

Index Levels

BSE Sensex 16189.36

Major Support 16086 – 16037 – 15962

Major Resistance 16214 – 16257 – 16354

NSE Nifty 4873.90

Major Support 4844 – 4827 – 4803

Major Resistance 4880 – 4898 – 4910


View
The markets bucked the trend in the European and the Asian markets. American markets were closed and therefore there were no cues coming in from that side of the world. Our markets which have witnessed lot of selling till now defied the trend and managed to stay afloat though with high levels of choppiness. The inflation numbers provide some spice for the markets. On Tuesday we would start off more or less on our own later to follow the trend in the European markets and the guidelines coming in from the American Futures. For the Sensex watch support @ 16086 – 16037 and for the Nifty watch it @ 4844 – 4827 levels. On the higher side resistance to come in @ 16257 – 16354 for the Sensex and 4898 – 4910 for the Nifty. Results season to bring in spiked moves in the market. As of now hold patience till the markets bring some nice opportunities for us to capitalize on.