NIFTY DAILY OUTLOOK SEPT 7, 2010

On Monday, market again manage to open above 5500 and
consolidated well between 5520 – 5540 levels, during second-half
market manage to break our level of 5560, as expected above 5560
market hit levels of 5590 and close at 5580. But the volumes in
market were not much as expected.

For the day, the level of 5560 and 5530 may act as a major support
for the market and the level of 5605/5630 may act as a major hurdle.
Short / medium term traders are advisable to start booking profit in
long above 5600-5620 levels. Short / medium term trader can start
building short position in nifty above 5600-5620 level in parts with
stop loss of three consecutive close above 5680.

The medium term trend will turn negative below the level of 5510.

Day trader can go long on nifty above 5590 with stop loss 5475 for
target 5615/5630 and can go short below 5560 with stop loss 5575
for target 5535 /5520.

INDEX RANGE

NIFTY: 5576.95
Range: 5530-5630
Resistance: 5605-5630-5660
Support: 5560-5530-5510

BANK NIFTY: 11218.80
Range: 11050-11380
Resistance: 11265-11320-11380
Support: 11155-11100-11050

Short term: Up (5470)
Medium term: UP (5510)
Long term: Up (5180)

All Above Spot Levels

OM SHRI GANESHAYA NAMAH