Aug 31, 2009

Market Outlook and Tips for 31st Aug 2009

On Friday, the 28th August 2009, the markets opened with a gap up positive opening but soon turned volatile and traded extremely choppy backed by mixed cues from the Asian Markets.

The Nifty faced stiff resistance at 4698 mark and profit booking emerged every time it traded above this level unless after the mid session it made a strong recovery from the days lows to end on a positive note on fresh buying coming in with the strong opening of the European markets.

However, it traded with positive bias and managed to end the day on the green side.

Nifty finally closed at 4732.35 gaining 44 points or 0.94 %.

For Monday, the 31st August 2009, the Intraday Support for the Nifty shall be 4686 & 4648 while the market will experience resistance at 4774 & 4816.

Trading Tips for 31 Aug, 2009:

Buy SUZLON above 94 with a Stop Loss 93 for a target of 97.

Buy IDEA buy above 82 with a Stop Loss of 80 for a target of 84.

Sell BHEL below 2315 with a Stop Loss of 2340 for a target of 2274.

Sell BPCL below 491 with a Stop Loss of 498 for a target of 484.



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