Edit this postNifty is likely to be range bound between 4900-5050 in this week and one can go long when it breaks 5051 level and can short when the level of 4899 is broken.
On option front, implied volatility has decreased marginally by around 100-200 basis points, indicating positive bias for the market, and Nifty 4899 will act as a very good support level.
| Index | Support | Resistance |
| Sensex | 16425 | 16825-17075 |
| Nifty | 4930-4899 | 5025-5175 |
Last Day News Commentary Concentrating on If’s and But’s
The day gone by saw a spell of buying by foreign funds amid strong global cues and a favorable report on core sector output for August which helped in boosting BSE and NSE. IT stocks outperformed the broader market on expectations of a recovery in the global banking sector would unfreeze discretionary spending. The BSE Sensex finished at 16,853, up 160 points or 0.96% and the S&P CNX Nifty rose 48 points or 0.97% to 5,007. The market is likely to consolidate in this week as it is a truncated week with holiday on Friday. However volatility is the order of the day.
Intraday Profit for Subscribers of Day Trading Tips
| Stock | Profit (Rs) |
| Reliance | 3050 |
| G** I****a | 130 (midcap stock) |
| Larsen and Toubro | 1230 |
| SBI | 1590 |
| *** tip | Not initiated as day high and day open were same. |
| Auto Tip | 1690 |
| R****x* | 750 |
| PNB | 700 |
| Both Sell Recommendations | Not Initiated as Entry Price not reached and thus Trade not Executed |
Profit for Future and Option Tips Subscribers
| Stock | Profit (Rs) |
| Tip 1 | 15060 |
| Tip 2 | 4200 |
| Tip 3 | 4260 |
| Tip4 and 5 | Not executed as Opened Higher than recommended Price |
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