Market Outlook and Tips for 2nd Sep 2009

On Tuesday, the 1st September, 2009, the markets opened positive backed by the firm cues from the Asian Markets as a result of which the Markets traded higher putting on fair gains during the early part of the day before the profit booking came in later at the higher levels.

The Weak European markets also added load and dragged the sentiments in the negative area during the second half in the day's session and leading the markets to lose all its early trade gains to slip deep into the reds.

The selling pressure from the investors was mainly seen in the Realty, Power, Pharma and Capital Goods sectors.

The Nifty faced resistance above 4712 mark while it experienced support at 4618 levels.

Nifty finally closed at 4625.35 to end the session losing 37 points or 0.79 %

Market Outlook for 2nd Sep, 2009:

The Intraday Support for the Nifty shall be 4570 & 4530 while the market will experience resistance at 4674 & 4720.

Intraday Trading Tips for 2nd Sep, 2009:

Buy SUZLON above 95 with a Stop Loss of 93 for a target of 97.
Buy TATA STEEL above 418 with a Stop Loss of 413 for a target of 429.

Sell IDEA below 78 with a Stop Loss of 81 for a target of 76.
Sell BHEL below 2255 with a Stop Loss of 2280 for a target of 2220.