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Daily analysis : DAILY MARKET OUTLOOK : 03/09/2010

DAILY MARKET OUTLOOK : 03/09/2010.

Nifty is facing resistance at 5509. Yesterday a bearish shooting star was formed on both the indices and only a close above 5514, will negate the implications of the bearish pattern formation.

Sensex Resistance 18315-18381-18444. Support 18167-18118-18047.

Nifty Resistance 5509-5531-5553. Support 5471-5456-5431.

Buy BemL 1061 SL 1046 Tgt 1087-1117.

Buy Grasim 2089 SL 2069 Tgt 2123-2162.

Buy BoB 832 SL 823 Tgt 846-862.

Buy Allahabad Bank 217 SL 215 Tgt 221-225.

Buy Axis Bank 1388 SL 1378 Tgt 1402-1419.

Buy Uco Bank 118 SL 117 Tgt 122-126.

Buy Voltas 209 SL 206 Tgt 215-221.

Buy MRF 8065 SL 7975 Tgt 8235-8405.

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Weekly analysis : NIFTY 5349 HOLDS GOOD - 03/09/2010.
NIFTY 5349 HOLDS GOOD - 03/09/2010.  

UPTREND INTACT.

 

In the previous week’s article, we had written that the Nifty had formed a higher bottom at 5349 and as long as that level remains safe, the uptrend will be intact. This week, the level of Nifty 5349 proved to be a saviour for the markets as the Nifty once again bounced from that particular level. The Nifty has taken support at that level for the third time before staging a rally. On the same lines CLICK MORE:too bounced from 17819. While staging a bounce back, both the indices formed a Bullish Hammer formation, which can be classified as Takuri line. Thus the uptrend will remain intact as long as Sensex 17819 and Nifty 5349 remains intact.

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