Market outlook for the week 22-25September

In the week starting from 22September, market may witness hectic short covering in some selected counters ahead of F&O expiry and is likely to remain volatile. Nifty fut will face major resistance at 5035 level, once it manages to cross and sustain above this, we can see higher levels of 5070-5145-5210. Around 22% roll over of Nifty fut to new series has already been done till last week as per reports. However if Nifty is unable to sustain above the resistance level mentioned above, then on lower side it has support at 4940 level, once it breaches this level then it can slide down to 4900-4848-4790 levels. On lower side 4770 will act as a major support for the index.

We recommend all traders to stay cautious in range 4940-5145, and try to book profits in long postions at every rise. One can again enter into the markets,after a mild correction in index. Due to F&O expiry this week will be highly volatile and we may see ambiguous moves in markets. So all trades must be done with strict stoploss,and on higher side fresh positions must not be build up. However if in coming few weeks, we manage to sustain above 4700 level, then new highs in markets will be seen in markets till year end. Each trader is advised to trade with levels, and not with sentiments, as trading on levels will give profit on both sides movement.

Nifty Levels
Resistance- 4998-5035-5070-5145-5210
Support - 4940-4900-4848-4790-4770

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Stocks for the week

• Anu's Lab
• Deep Ind.
• Phoenix Mills
• Bombay Paints
• JPT Securities
• Mirza International
• Ultramarine & Pigments
• Nagarjuna Construction

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Intraday calls for 22 September

• DLF abv 428 tgt-432-435.5-439
• HCC abv 128 tgt-130-132.7-137.9+
• RNRL abv91 tgt-92.3-93.5-95
• Tata Steel abv 518 tgt-521.4-526-532+
• Natco Pharma abv 126 tgt-128.2-130-134
• Also watch Jindal steel, BPCL, Hawkins cooker,Vimta labs.

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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