Intraday market outlook for 18September

On 18September, Nifty fut will face resistance at 4998 level, crossing and sustaining above this level will make Nifty fut move forward on upside, and on way to upside it can move forward to 5035-5064-5090 levels. However 5035 level,will act as a major hurdle on upside, and in order to make Nifty surge upto 5100-5200 level, before the final correction takes place, Nifty has to sustain and close above 5035 level. In this volatile sessions, if nifty fut is unable to cross the resistance level, and goes on downside, then it has a support at 4940 level, breaching below this level we can see Nifty fut sliding down to the levels of 4905-4882-4850. However 4900 level can act as good support level on downside, and also as a sentimental level for all traders.

We recommend all traders to stay cautious and keep booking long positions at every rise, as signs of correction are emerging out and from higher levels mild correction cannot be ruled out. Yesterday we warned you all that there are some big bulls who are trying to offload their positions held from lower levels, and today you all must have seen a sudden move by Reliance Group, of selling shares worth Rs.2869Cr.Reliance today selling 1.35Crores shares at these prices have made the scenario a bit suspicious. Insider sources suggest some more news to come in coming days. However the range of 4900-5200, must be watched carefully. Few big bulls are trying to confuse the retail traders, so that they can easily square off their holdings at higher levels. For intraday keep watch on 4905 level on lower side and 5035 level on upside,as these levels can act as trend reversal levels. Any upsurge will be only if nifty sustains above 5035 level. Do your own study, and execute the trades as per your wisdom.

Nifty Levels

Resistance- 4998-5035-5064-5090

Support - 4940-4905-4882-4850

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Intraday calls

• Alok Ind abv24 tgt-24.5-25.1-26
• Jai Corp abv 227 tgt-230-233.8-239.6
• Jindal Steel abv 627 tgt-632-635-642
• Sonata Software abv 37.8 tgt-38.2-38.8-39.3
• Also watch Max India,JSW steel, Aftek ,Mirza International.

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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