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9/6/2010 8:37:51 AM
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| NiftyView for 6th Sep 2010 |
Nifty was rangebound in the last two trading sessions with the trading range being 5475 to 5505.Though the morning opening looks good, above 5505,positional traders should wait for the Decisive break-out to the
upside level of 5545 before initiating Nifty longs.We have mentioned that Nifty has formed double top around 5540-5543 levels which also represents the head of the head-shoulder pattern on the daily charts and should nifty fail to overcome 5545 levels we may see a correction.Positional traders should avoid fresh longs until the nifty level of 5545 is taken out( on closing basis) & short sellers should keep Stop loss of 5545 to close out
the short positions.IIP numbers which are due this month will give direction to the market.
Intraday Nifty will open with gapup of 25-30 points.Trading opportunity(long trade) is seen above Nifty 5515 level,while shorting opportunity can be seen below 5489 levels(post gap up opening).
Resistance & support level for the Nifty for 6th of Sep - Resistance 5515 & Support @ 5489(post gapup opening).
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| Intraday Stock View |
Bharti - cmp 339.25 Buy above 341.50 Stop loss of 335 Target 353 - Intraday resistance @ 344 & Support @ 337.40 |
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