NIFTY DAILY OUTLOOK SEPT 6, 2010

On Friday, market again opened above 5500, but could not sustain.
During the whole session nifty consolidated well between the range
5475-5495 and manage to close above 5470.

For the day, the level of 5470 and 5445 may act as a major support
for the market and the level of 5500/5525 may act as a major hurdle.
Short term traders should follow the strict stop loss, close below
5430 may trigger fresh weakness in the market. On other side break
above 5525 we can expect levels of 5545-5555 and move above 5560
level with good volumes will bring in fresh short covering which will
move the market till levels of 5590-5620.

The short term trend will turn negative below the level of 5430.
The medium term trend will turn positive above the level of 5560.

Day trader can go long on nifty above 5500 with stop loss 5470 for
target 5525/5550 and can go short below 5465 with stop loss 5490
for target 5445 /5430.

INDEX RANGE

NIFTY: 5479.40
Range: 5445-5525
Resistance: 5500-5525-5560
Support: 5470-5445-5430

BANK NIFTY: 10991.20
Range: 10835-11165
Resistance: 11055-11110-11165
Support: 10945-10890-10835

Short term: Up (5430)
Medium term: Down (5560)
Long term: Up (5180)

All Above Spot Levels

OM SHRI GANESHAYA NAMAH