Nifty Update for September 15 - Inder Bhatia

The Indian market saw continuing selling pressure and broke the important level of 4200 during the intraday session. However, it managed to close above it. For the coming session, if Nifty trades below 4200 we could test levels of 4159-4100. On the other side 4290-4323 would act as a resistance zone.

Last week the Nifty fell 2.8 percent and close in the deep red zone. Inflation came at 12.10% percent, as compared to 12.34 percent for the week ending August 30. The IIP number released for July showed that industrial output grew 7.1 percent but the market saw selling pressure at higher levels. For the coming session if Nifty breaks 4150, we coud test 3800 levels again. On the other side 4346-4400 would act as strong resistance zone. If Nifty closes above 4341, it could test 4404-4467. On the lower side support would come at 4099-4035 .

On a weekly basis, we can see a tail at the upper side which suggests selling at higher levels. Thus, Nifty would not be able to close above the trend line. Nift has tried to cross this trend line three times, but it as always closed below.

SELL KOTAKBANK below 579 TGT 564>555 Stoploss 586.

SELL TCS below 810 TGT 796>788 Stoploss 821.

SELL ICICIBANK below 655 TGT 640>632 Stoploss 670.

SELL SATYAM below 406 TGT 400 >395 Stoploss 411.