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Friday, October 15, 2010

NIFTY DAILY OUTLOOK OCT 15, 2010



On Thursday, market opened positive making higher highs but as expected profit booking came in from higher levels, mostly all indices were in red with heavy selling however IT and Metals out performed. Banking, Capital Goods and Oil & Gas were under selling pressure. Volume for the day was lower then last session. Market breadth was negative. Midcap and Smallcaps index closed in negative.

For the day, the level of 6145 and 6120 may act as a major support for the market and the level of 6205 and 6230 may act as a major hurdle. Market would be range bound with flat to negative. IT sector may attract profit booking.

The short term trend will turn negative below the level of 6050.

Day trader can go long on nifty above 6205 with stop loss 6175 for target 6230 / 6260 and can go short below 6145 with stop loss 6175 for target 6120 / 6090.

INDEX RANGE

NIFTY: 6177.35
Range: 6120-6230
Resistance: 6205-6230-6260
Support: 6145-6120-6090

BANK NIFTY: 12598.80
Range: 12435-12775
Resistance: 12665-12720-12775
Support: 12545-12490-12435
Short term: Up (6050)
Medium term: UP (5760)
Long term: Up (5180)


All Above Spot Levels

OM SHRI GANESHAYA NAMAH

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