Market View for Thursday 22 Mar 2012

Index Levels

BSE Sensex 17601.71

Major Support 17451 – 17301

Major Resistance 17622 – 17656 – 17871


NSE Nifty 5364.95

Major Support 5316 – 5267

Major Resistance 5372 – 5380 – 5445


View

The markets started the trade on a dull note eventually rallying to close the day with good gains. With such a big move witnessed yesterday we could see the indices trading more or less flat for today. For the Sensex watch support @ 17451 and for the Nifty @ 5316. On the higher side watch resistance @17622 for the Sensex and 5372 for the Nifty. Hold a scrip specific view…

Market View for Wednesday 21 Mar 2012

Index Levels

BSE Sensex 17316.18

Major Support 17211 – 17008

Major Resistance 17410 – 17531

NSE Nifty 5274.85

Major Support 5233 – 5171

Major Resistance 5297 – 5337


View

The markets traded indecisive to close with a spinning top formation. The markets drifted in the first half of the trade to eventually witnessing good amount of buying in the later hours of trade. Today is expected to be same again with dull activity. For today watch support for the Sensex @ 17211 and for the Nifty @ 5233 levels. On the higher side watch resistance @ 17410 for the Sensex and 5297 for the Nifty. The markets are expected to stay between these levels.

Market View for Tuesday 20 Mar 2012

Index Levels

BSE Sensex 17273.37

Major Support 17226 – 17008

Major Resistance 17402 – 17531

NSE Nifty 5257.05

Major Support 5238 – 5171

Major Resistance 5297 – 5337

View
The markets continued to drift downwards throughout the day. the action remained dull and today is expected to remain the same with sideways and choppy activity. For the Sensex watch resistance @ 17402 and for the Nifty @ 5297 levels. Below these levels the markets would trade weak and the would try and test supports @ 17226 – 17008 for the Sensex and 5238 – 5171 for the Nifty. Hold a low profile with no stocks showing any patterns on day end closing basis. For intraday wait for good picks in Intraday Action Viewer.

Market View for Monday 19 Mar 2012

Index Levels

BSE Sensex 17466.20

Major Support 17426 – 17008 – 16828

Major Resistance 17619 – 17772 – 18040


NSE Nifty 5317.90

Major Support 5305 – 5171 – 5063

Major Resistance 5369 – 5420 – 5499

View

The markets were disappointed with the budget. They cracked on Friday with selling coming in at the fag end of trading hours. Overall the budget was a flat one with no major positive or negative sides to it. This could be taken by global investors positively with hurdles now crossed and no negative triggers the flow of money should continue. The next big trigger for the markets is the yearly numbers which will be announced in 20 days time. The indices have closed with bearish candles for the week but they continue to survive above the trend line support. This is an extreme positive for the markets. With this trend line surviving as a major support we could see the markets rallying further. The view will change only if we are surprised on the global front which brings in selling and breaks below this support. Till such a time one can stick to stock specific action. For the Sensex watch support @ 17008 and for the Nifty @ 5171. On the higher side watch resistance @ 17619 for the Sensex and 5369. A move above these levels will confirm our above view of selling observed on Friday to be a temporary one. Till such a time one should continue to trade with strict stop losses.