Technical Outlook of nifty 10-9-13 to 13-9-13

CMP	5680.40
Nifty Range	5388 to 5965
Pivot Point	5563
Turning Points	5601/5688
Positive Above	5782
Negative Below	5579
Bull Turning Point	5884
Bear Turning Point	5477

Nifty has closed (5680.40) well above Weekly Pivot Point (5563).

Nifty has immediate Resistance at 5700 and then at 5715. Nifty must cross 5734 and stay above 5756 on Closing Basis to continue its Up-move. If Nifty manages to cross and decisively close above 5780, it may go up to 5796 – 5818 – 5849 – 5874 - 5899. Further Up-move Levels will be 5930 – 5958 – 5983 - 5995.

Nifty has immediate Support at 5662 and then at 5644. If Nifty breaches 5619, it may go down to 5588 – 5556. Nifty will get weak below 5525 and may go down to 5504 – 5479 – 5460 – 5435. Further Down-move Levels will be 5407 - 5382 – 5367 – 5351.

Moving Averages 

Average	20 Days	50 Days	100 Days	200 Days
SMA	5482	5705	5812	5834
EMA	5523	5640	5726	5729

General Out-Look

Nifty Trend looks to be Positive. Global Cues are Flat to Positive. Nifty may continue its Upmove if it manages to HOLD above 5734 on Closing Basis, crosses 5756 and stays above 5780. The Upmove will be up to 5796 – 5818 – 5849 – 5874 – 5899. On the other hand if it HOLDS below 5619, breaches 5588 and trades below 5556, it is likely to be dragged down to 5525 – 5504 – 5479 – 5460 – 5435.  

Factors of Concern/Major Events

1. This Week has 4 Working Days. Monday, 9-9-13 will be Holiday on account of Shri Ganesh Chaturthi.

2. Domestic and Global News/Cues (Especially from European and U.S. Markets).

3. Status of Rupee versus Dollar. Rupee appreciated from 68+ to 65+ after Positive Announcements and Approach by New RBI Governor.

4. FII’s and DII’s Buying/Selling volume before FED and RBI Meeting.

5. FED Meeting on 18-9-13.

6. Convention of RBI Meeting by New Governor on 20-9-13.

7. Impact of U.S./Syria crisis.