Market Outlook and Tips for 10th Sept 2009

On Wednesday, the 9th September, 2009, the markets opened flat and turned out to be extremely volatile and choppy right after the opening, hovering into the positive and negative territory for the entire session of trade.

The Nifty traded with extreme volatility around the 4800 levels, followed by repeated buying and profit booking with every dip and upside, and kept trading in a direction-less trend due to lack of confidence among the bulls after witnessing the pitfalls of the year 2008.

The Nifty finally closed almost flat at 4814.25 gaining 9 points or 0.19 %

Market Outlook for 10th Sept, 2009:

The Intraday Support for the market shall be 4781 & 4742 while the market will experience resistance at 4847 & 4892.

Trading Strategy for 10th Sept, 2009:

Buy NIFTY above 4833 with a Stop Loss of 4794

Sell NIFTY below 4794 with a Stop Loss of 4833