NIFTY DAILY OUTLOOK SEPT 21, 2010

On Monday, market opened gap-up and remain positive thru out the day.
Mostly all sectors attracted huge buying, but some weakness was seen in Pharma and IT. Volume for the day was lower then previous trading session.

For the day, the level of 5965 and 5940 may act as a major support
for the market and the level of 6000 and 6025 may act as a major hurdle. Mostly all technical indicators are in an overbought zone so one needs to be cautious at higher levels.

The short term trend will turn negative below the level of 5760.

Day trader can go long on nifty above 6000 with stop loss 5980 for
target 6025 / 6050 and can go short below 5965 with stop loss 5985
for target 5940 / 5915.

INDEX RANGE

NIFTY: 5980.45
Range: 5940-6025
Resistance: 6000-6025-6050
Support: 5965-5940-5915

BANK NIFTY: 12251.20
Range: 12090-12420
Resistance: 12305-12360-12420
Support: 12195-12140-12090

Short term: Up (5760)
Medium term: UP (5530)
Long term: Up (5180)

All Above Spot Levels

OM SHRI GANESHAYA NAMAH