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Wednesday, September 29, 2010

NIFTY DAILY OUTLOOK SEPT 29, 2010



On Tuesday, market opened flat and traded in a range for while. After breaking lower band of the range, selling came in and during the last hour of session good buying came in from support levels.Oil & Gas, Banking and IT remain under selling pressure where as good buying was seen in Capital Goods. Market breadth was negative. Midcap & Smallcap index closed slightly in green.

For the day, the level of 6015 and 5990 may act as a major support for the market and the level of 6045 and 6070 may act as a major hurdle. Mostly all technical indicators are in an overbought zone so one needs to be cautious at higher levels. Banking and IT may remain under selling pressure. Sell on rise and buy on dips.

The short term trend will turn negative below the level of 5860.

Day trader can go long on nifty above 6050 with stop loss 6030 for
target 6070 / 6085 and can go short below 6010 with stop loss 6030
for target 5990 / 5975.

INDEX RANGE

NIFTY: 6029.50
Range: 5990-6070
Resistance: 6045-6070-6085
Support: 6015-5990-5975

BANK NIFTY: 12272.40
Range: 12110-12420
Resistance: 12325-12380-12420
Support: 12215-12160-12110


Short term: Up (5860)
Medium term: UP (5530)
Long term: Up (5180)

All Above Spot Levels

OM SHRI GANESHAYA NAMAH

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