Intraday market outlook for 16September

On 16September, Nifty fut will face resistance at 4955 level, for any further upside Nifty has to trade and close above this level. Once it manages to sustain above this level, we can see higher levels of 4970-4998-5040. However any higher levels above 4900 mark, can be used as profit booking levels by traders, and if profit booking comes in then we will see Nifty reverting back from higher resistance levels and on lower side it has support at 4870 level, breaching this level we can see Nifty sliding down to lower levels of 4840-4812-4790.
We recommend all traders to stay cautious in range 4930-4955, as this range may act as resistance range,and failing to cross n sustain above this range, we may see profi booking in markets. So, everyone must try to keep booking long positions and not to create fresh long positions in current market. On downside major support is 4776 level, one must keep this level as a crucial level.

Nifty Levels

Resistance - 4930-4955-4970-4998-5040

Support - 4870-4840-4812-4790-4776

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Intraday calls

• MLL abv57 tgt-58-59.2-61
• V-Guard abv 74 tgt-75.5-76.9-78+
• Hindustan Zinc abv 840 tgt-847-852-860+
• National Alum abv 340 tgt-344-346.4-349+
• Also watch Delta corp. ,Jindal steel, Areva, Apollo tyre.

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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