Intraday market outlook for 23September

On 23 September, Nifty fut will face resistance at 5048 level, once it manages to cross and sustain above this level, then next resistance will be at 5065-5090-5122 levels. However these upside will be due to the short covering and not because of the authentic buying. In case Nifty fut is unable to cross the resistance level, then on lower side it has support at 4980 level, breaching below this level it can slide down to 4964-4940 levels. Any close below 4940 level , will be good for bears.

We recommend all traders to trade with strict stoplosses, as market volatility will be high due to F&O expiry tomorrow. Less risky traders must not enter in any trade in current market. All others must keep booking small profits and stay with cash. Its always better to earn less profit then to incur loss. All long positions can be holded, keeping in mind the 4980-4930 levels and for all shorts 5048-5065 must be considered.

Nifty Levels

Resistance- 5048-5065-5090-5122

Support -5000-4980-4964-4930

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Intraday calls

• RNRL abv 91 tgt-92-93.5-96+
• Praj Ind abv 105 tgt-107-108.4-109.5
• Syndicate Bank abv 88 tgt-89-90.2-92
• Nagarjuna Construction abv 152 tgt-155-157-162
• Also watch BPCL, Sun TV, JPT Sec., SRF.

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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