For 07-09-2010, Tuesday

Atlast, yesterday, indices have broken out of their narrow trading range and throughout yesterday they were making steady progress to move above the previous high of 5549, cross the magic no. 5555.55 and close at 5576, thanks mainly to Reliance and bankstocks. Other index stocks also joined the party. As long as Nifty does not close below 5524 level, it can march near 5640 atleast, if not crosses it. Till signs of weakness appear, index can be bought in declines with proper stoploss for good gains in position trading.

Yesterday the indices low levels[nifty, sensex and banknifty all punched] were actually not traded as nifty gapped up around 5520 levels. As such, for today's trading, we may not wait till the targets are achieved but book profits whenever necessary as per our trading rules.

NIFTY SPOT5576.95
SENSEX SPOT18560.05
BANKNIFTY SPOT11218.8

NIFTY

Buy Above/SL 5638/18822 Target 5686/19036

SAR/Sell Below 5607/18690Target -----------------

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

BANK NIFTY

Buy Above/SL 11344 Target 11446
SAR/Sell Below 11280 Target-------------
Sell Below/SL -------- Target ---------------
SAR/Buy Above ------ Target ----------------

EOD report

Levels given today
NIFTY
Buy Above/SL 5500/18282 Target 5516,5528/18331
SAR/Sell Below 5489/18250Target 5469---5462/18191-18165
Sell Below/SL 5459/18160 Target 5442,5428/18111
SAR/Buy Above 5470/18192 Target 5489--5496/18251---18275

BANK NIFTY
Buy Above/SL 11035 Target 11069
SAR/Sell Below 11012 Target 10969---10953
Sell Below/SL 10948 Target 10912
SAR/Buy Above 10970 Target 11012---11030

Trade diary for today [refer trading rules]

No trade could be entered today due to good gapup opening .

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 ------------------