Market Outlook and Tips for 17th August 2009

On Friday, 14th August, 2009, the markets closed weak after a day long volatility amidst profit booking after previous days rally.

The Nifty traded extremely volatile within the range of 4561 and 4615 with support at 4560 and resistance at 4610

Nifty finally closed at 4580.05 losing 25 points or approx. 0.54 %

The Intraday Support for the Nifty shall be 4530 & 4488 which the resistance can be seen at 4630 & 4674.

Trading Tips for 17th Aug, 2009:

Buy BHEL above 2210 with a Stop Loss of 2190 for a target 2248.

Buy NTPC above 208 with a Stop Loss of 204 for Target 211

Sell ACC below 827 with a Stop Loss of 833 for a Target 810.

Sell ONGC below 1215 with a stop Loss of 1226 for a Target 1191.