NIFTY DAILY OUTLOOK SEPT 15, 2010

On Tuesday, market opened on positive node, breaking all resistance
for the day. However selling / profit booking was seen on higher
levels. Tech & Auto sector attract good buying thru out the day and
selling pressure was seen in banking sector.
Midcap & Smallcap Index closed down more then 0.5%

For the day, the level of 5780 and 5755 may act as a major support
for the market and the level of 5810 and 5840 may act as a major
hurdle. Profit booking may continue in banking sector.

The short term trend will turn negative below the level of 5640.

Day trader can go long on nifty above 5810 with stop loss 5790 for
target 5840/5855 and can go short below 5780 with stop loss 5800
for target 5755/5730.

INDEX RANGE

NIFTY: 5795.55
Range: 5755-5840
Resistance: 5810-5840-5855
Support: 5780-5755-5730

BANK NIFTY: 11928.30
Range: 11780-12120
Resistance: 11990-12040-12120Support: 11880-11820-11780

Short term: Up (5640)
Medium term: UP (5470)
Long term: Up (5180)

All Above Spot Levels

OM SHRI GANESHAYA NAMAH