The third quarter earnings season continues. This time the markets seem to have missed the retail investor and this can be clearly observed with the low interest in the markets for the last few weeks.
The recent movement of the markets have been extremely range bound with global investors also maintaining a wait and watch approach.
Last week, the markets managed to close above the crucial supports after having witnessed a selloff in the first two days of the week.
For the coming week, market players need to watch supports at 17,276 – 17,042 for the Sensex and 5,169 – 5,081 for the Nifty. Above these supports, the markets would remain afloat. The volatility in the markets is likely to stay during the result season. Resistance should be watched at 17,776 for the Sensex and 5,300 for the Nifty.
A breakout above these levels could bring in interest in the markets but till such a time it is advisable to maintain a low profile.
BSE Sensex
Major Support: 17276 – 17042 – 16577
Major Resistance: 17776 – 18314 – 18895
NSE Nifty
Major Support: 5169 – 5081 – 4943
Major Resistance: 5300 – 5368 – 5545