Intraday market outlook for 15September

From last few trading sessions we have seen nifty consolidating and finding support at 4780. We can expect a downside movement and correction only if nifty trades below 4776 otherwise the bulls will be having an upper hand. On 15September, Nifty future will face resistance at 4848 level,managing to sustain above this level we will see it incing higher to the levels of 4876-4895-4925. Nifty fut giving a closing above 4890 today can lead to some more buying interest coming in the markets. However if Nifty is unable to cross the resistance level, than on lower side it has support at 4790 level, breaching below these support level Nifty fut can slide down to 4776-4725-4680 levels. Any close below 4725 level, can make bears happy again.

We recommend all traders to keep a watch on 4890 level on upside and 4776 level on downside for all their short/long positions. Till Nifty is trading above 4776 it will keep bouncing back from lows, so one must be cautious at lower levels around this support for fresh trades initiation. One must not jump and do the trades in excitement in current markets, as aggressive trading in current market can lead to unexpected profit/loss. Watchout the markets cautiously and trade with strict discipline. Nifty range for the day will be 4776-4890, breakout on eitherside will lead to the direction for further movement.

Nifty Levels

Resistance - 4848-4876-4895-4925

Support - 4790-4776-4725-4680

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Intraday Calls

• Patni abv 396 tgt-399-403-408.4+
• Rajesh Export abv 60.5 tgt-61.8-63.1-64
• Vijaya Bank abv 46.50 tgt-47.20-48-48.5
• Tata steel abv 480 tgt-483.2-487-490+
• Also watch National Aluminium,Bharat forge,Kirloskar oil,Indo Asian Fusegear,Himatsingka Seide.

For all trades,keep trailing your stoploss once the stock is above the buying price. Dont take delivery of any intraday call. Avoid spike buying.

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