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Friday, September 24, 2010

NIFTY DAILY OUTLOOK SEPT 24, 2010



On Thursday, profit booking continue in market and remain highly volatile thru out the day. FMCG attracted good buying during second half of the session. Banking, Realty and Oil & Gas was under selling pressure thru out the day. Market breadth was negative. Volume for the day was low. Midcap index closed marginally in red.

For the day, the level of 5940 and 5915 may act as a major support for the market and the level of 5970 and 5995 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 and profit booking may continue.

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

Day trader can go long on nifty above 5970 with stop loss 5945 for
target 5995 / 6025 and can go short below 5940 with stop loss 5965
for target 5915 / 5985.

INDEX RANGE

NIFTY: 5959.55
Range: 5915-5995
Resistance: 5970-5995-6025
Support: 5940-5915-5885

BANK NIFTY: 12146.30
Range: 11975-12310
Resistance: 12205-12250-12310
Support: 12085-12030-11975

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

All Above Spot Levels

OM SHRI GANESHAYA NAMAH

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