NIFTY DAILY OUTLOOK SEPT 16, 2010

On Wednesday, market opened on positive node, breaking all
resistance for the day and remained highly volatile thru out the
session. Tech and Oil & Gas sector attracted good buying and selling
pressure was seen in banking & cement sector. Midcap & Smallcap
index remain under selling pressure.

For the day, the level of 5840 and 5810 may act as a major support
for the market and the level of 5900 and 5920 may act as a major
hurdle. The next move in market will depend on credit policy.

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

Day trader can go long on nifty above 5875 with stop loss 5855 for
target 5900 / 5920 and can go short below 5840 with stop loss 5860
for target 5810 / 5780.

INDEX RANGE

NIFTY: 5860.95
Range: 5810-5900
Resistance: 5875-5900-5920
Support: 5840-5810-5780

BANK NIFTY: 11987.60
Range: 11820-12120
Resistance: 12050-12100-12160
Support: 11935-11880-11820

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

All Above Spot Levels

OM SHRI GANESHAYA NAMAH