For 06-09-2010

Last week, Indices closed above all the moving averages and closed higher than the previous week but traded in a very narrow range during the last 3 days. If this is a sideways consolidation, then, Nifty should breakout on the upside. But still, it has to cross the previous high of 5549 and then 5570 to march towards 5644. Failure to sustain above 5524 will result in Nifty pulling back towards 5400 level.

Levels for the day:

NIFTY SPOT5479.4
SENSEX SPOT18221.4
BANKNIFTY SPOT10991.2

NIFTY

Buy Above/SL 5500/18282 Target 5516,5528/18331

SAR/Sell Below 5489/18250Target ----------------

Sell Below/SL ------/---------Target ----------------------
SAR/Buy Above ----/-------- Target --------------------

BANK NIFTY

Buy Above/SL 11035 Target 11069
SAR/Sell Below 11012 Target -----------------
Sell Below/SL --------- Target -------------------
SAR/Buy Above --------Target ------------------