Market Outlook and Tips for 9th Sept 2009

On Tuesday, the 8th Sptember, 2009, the markets opened on a positive note backed by positive cues from the peer Asian markets and turned extremely choppy later after the opening.

The Markets traded with volatility during the entire day's session, followed by buying coming in at every downside with investors coming in at lower levels and profit booking at every upside.

Metals, Oil & Gas, Capital Goods, Banking stocks were on the gaining side while selling pressure was witnessed at the counters for FMCG, Auto, Pharma and IT stocks.

At the end of the session, the Nifty Index finally closed at 4805.25 gaining 22 points or 0.47 %

Market Outlook for 9th Sep, 2009:

The Intraday Support for the Nifty shall be 4755 & 4716 while it will experience stiff resistance at the levels of 4849 & 4896.

Trading Strategy for 9th Sep, 2009:

NIFTY

Buy above 4830 with a Stop Loss of 4765

Sell below 4775 with a Stop Loss of 4835