NIFTY DAILY OUTLOOK SEPT 23, 2010

On Wednesday, market open in green but faced selling pressure at higher levels and remain volatile thru out the day. Banking attracted good buying during second half of the session. IT and Capital Good was under selling pressure. Market breadth was negative. Midcap & Smallcap index closed in red.

For the day, the level of 5965 and 5940 may act as a major support for the market and the level of 6025 and 6050 may act as a major hurdle. Mostly all technical indicators are in an overbought zone so one needs to be cautious at higher levels. Market will be volatile.

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

Day trader can go long on nifty above 6025 with stop loss 6005 for
target 6050 / 6075 and can go short below 5965 with stop loss 5985
for target 5940 / 5915.

INDEX RANGE

NIFTY: 5991
Range: 5960-6045
Resistance: 6025-6050-6075
Support: 5965-5940-5915

BANK NIFTY: 12305.70

Range: 12140-12460
Resistance: 12360-12415-12460
Support: 12250-12190-12140

Short term: Up (5760)

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

All Above Spot Levels

OM SHRI GANESHAYA NAMAH