Edit this postNifty is in uptrend and same is visible in the chart which is appended below which shows that Nifty is off late in a long term bullish uptrend.
One can support the statement with implied volatility data which has decreased marginally by around 200-300 basis points and thus we are likely to see a positive bias in the market and 4850-4900 will act as good support in case market takes a down plunge.
Remember not to fight the trend and move along with the trend and the image below speaks the prevalent long term trend.
Mkt is going to see again a psychological level of 5000 level tomorrow and thus a bout of profit booking can occur near these levels and thus protecting profit is very important by using trailing stop profit technique. The crucial support and resistances are as given below in a tabular manner.
| Index | Support | Resistance |
| Sensex | 16121 | 17075 |
| Nifty | 4899 | 5015-5150 |
Advance Tax Figures
We have seen that Advance Tax has given a fillip to the market; however do not lay all the hopes on the same as market generally performs as per its will and thus these numbers come and go and one has to just move with the trend of the market. One can have a look at Advance Tax Numbers here.
Cumulative Profit Earned by Future and Option Paid Traders on 16 Sep 2009 is Rs 57800.
Profit Analysis for Day Trading Tips is as Given for 16 Sep 2009
| Stock | Profit in (Rs) for 100 Shares Trading Only |
| Reliance | 1600 |
| Hind Zinc | 1240 |
| Unitech | 240 |
| BOB | 340 |
| ICICI bank | 1790 |
| HCL Tech | 740 |
| Tata Motors | 3390 |
| JSW steel | 4600 |
| Bharat Forge | 1370 |
| PNB | 3260 |
| SBIN | 8900 |
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