NIFTY DAILY OUTLOOK SEPT 2, 2010
On Wednesday, the market opened higher as it was expected, during
second-half market rallied sharply with good short covering and
breaking all resistance for the day and close above 5470.
For the day, the level of 5445 and 5420 may act as a major support
for the market and the level of 5505/5530 may act as a major hurdle.
Short term traders can hold long position in nifty with revised
stop loss of 5440 on closing basis for remaining targets of 5510/5545.
It is advisable to start booking profits near 5530-5550 levels.
The medium term trend will turn negative below the level of 5340.
Day trader can go long on nifty above 5505 with stop loss 5470 for
target 5530/5556
All Above Spot Levels
OM SHRI GANESHAYA NAMAH
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