The Nifty outlook for 20th September

The Nifty outlook for 20^th September

In the last trading session the Nifty had not made any significant moves. It has closed at almost at the same level of opening. While the overall trend remains as bullish, a short term down trend may set in. the SMI indicator points at overbought. This is a level which signals a rapid change could happen. If profit booking sets in that could bring the Nifty down. For the traders the most appropriate move will be to watch the momentum.  The Nifty on the upper side could climb higher than 5638 which is an important target.

On the lower side, it may find support at 5586 and 5562. The political situation in the country is going to play an important role. If major events take place today, it will certainly have a temporary effect on the Nifty. Therefore care should be exercised while day trading.

I give below the pivot trading levels for 20^th September

Mid R3       5644        R3             5652

Mid R2       5627        R2             5636

Mid R1       5610        R1             5618

                                                      

Pivot           5602                         

                                                      

Mid S1       5593        S1             5584

MID S2       5576        S2             5568

Mid S3       5559        S3             5550

Happy trading !!