Market View for Friday 09 Mar 2012

Index Levels

BSE Sensex 17145.52

Major Support 17008 – 16828

Major Resistance 17239 – 17336 – 17691


NSE Nifty 5220.45

Major Support 5171 – 5076

Major Resistance 5243 – 5266 – 5382


View

The Greece overhang seems to be nearing a positive end bringing in cheer in the global markets. on the domestic front the next big trigger is the monetary policy and the Union budget coming up in the next week. The indices have witnessed a 10% correction till now. The cues coming in from the Pre opening is that the markets would open with a gap up. This is something which players should be cautious of as the markets would find it difficult in sustaining to the gains with such a opening. There can be exceptions and therefore entering trades on confirmations is advisable. For the Sensex watch support @ 17008 and for the Nifty @ 5171 levels. On the higher side the markets could test levels mentioned above as resistance. Scrip specific action will continue.

Market View for Wednesday 07 Mar 2012

Index Levels

BSE Sensex 17173.29

Major Support 17128 – 17061 – 16965 – 16828

Major Resistance 17336 – 17691


NSE Nifty 5222.40

Major Support 5206 – 5159 – 5125 – 5076

Major Resistance 5266 – 5382


View

The markets sold off amidst a choppy session as the election results kept coming during the day. After a sell off the markets witnessed a rally to finally give way by the end of the session. The weakness is expected to continue even today. Choppiness could continue with the overall picture very gloomy on the domestic as well as global front. A surprise could now be from the RBI policy or the success of Greece in avoiding default or the Union Budget which comes up next week. If the markets fail to have some surprises then expect them to continue their correction to deepen. It is a good idea to hold a scrip specific view. For the Sensex today watch resistance @ 17336 and for the Nifty @ 5266 levels. On the lower side supports come in @ 17061 – 16965 for the Sensex and 5159 – 5125 for the Nifty. Below the resistance levels expect the indices to test supports mentioned above.