The indices continue to trade indecisive with doji or spinning top like candle stick patterns forming every day since the indices have tried to trade above the recent resistance levels. It seems that the markets would confirm this breakout by coming down to test support levels at 17,378 for the Sensex and 5,167 for the Nifty. If these levels are tested successfully and later the indices manage to move up then the trend and breakout would be confirmed.
Till such a time it is better to hold a low profile in individual stocks as well. On the higher side, the resistance levels should be watched at 17,790 for the Sensex and at 5,310 for the Nifty. Individual stocks have also become indecisive on charts. Spikes and sudden moves cannot be denied but could be risky for an investor to catch successfully.
After many months now the markets would try and find triggers in the form of the quarterly earnings season that starts in India and later on the financial budget.BSE Sensex Major Support: 17378 – 17042 – 16724 Major Resistance: 17790 – 18314 – 18895
NSE Nifty Major Support: 5167 – 5081 – 4983 Major Resistance: 5310 – 5368 – 5545