Market Outlook and Tips for 11th Sept 2009

Sensex gained 33 points or 0.2% at 16,216 while, Nifty ended flat to shut the shop at 4,819.

On Thursday, the 10th September, 2009, the NSE Nifty managed to hold on to the 4800 levels for the third straight day. The current rally seems to be running out of steam now as both the benchmark indices are witnessing selling at higher levels.

Traders and investors preferred to book some profits as the Nifty inched closer to the 4900 mark. Strong inflows from the FIIs (Foreign Institutional Investors), supported by some local buying have been driving the mark northward since last three consecutive days. But, today the market players chose to stay back because of many factors like drought, rising inflation and Interest rates.

Not only in Indian Markets, there are worries such as tepid consumer spending, high unemployment and hardening commodity prices for the global markets too.

Today the inflation numbers also came in. India’s inflation for the week ended August 29 came out to be -0.12% as against -0.21% in the previous week. The Market expected inflation to come in at -0.09%.

At the end of the session, the Nifty ended almost flat to shut the shop at 4819.

Trading Strategy for 11th Sept, 2009:

Buy NIFTY at 4855 with a Stop Loss of 4832 for a target of 4870 & 4898.
Sell NIFTY at 4811 with a Stop Loss of 4844 for a Target of 4782 & 4763.

Intraday Tips for 11th Sept, 2009:

Buy Educomp at 4265 with a Stop Loss of 4225 for a target 4303 & 4359.

Buy Jindal Steel & Power at 3502 with a Stop Loss of 3472 for a target of 3533 & 3561.