Last Thursday, markets moved up on news that the Federal Reserve would not trim its stimulus programme until it gets a clear picture on unemployment and economy. The day after on Friday, the RBI governor increased the CRR by 25 basis points which was a surprise and reduced marginal standing facility by 75 basis points, which may lead to an increase in lending rates by the banking sector. We saw heavy bull liquidation and on that Friday evening, Banking Nifty closed lower below 4 per cent. Going forward, we can expect some more buying interest, ahead of F&O expiry on Thursday, September 26. Nifty has support at 5932 and 5915, below this; it may find support at 5840 (200 Day Moving Average). In the North it has resistance at 6050, 6165 and 6195.

Gold
Investors with appetites for high risks can buy 5900 call options. The risk averse can buy 6000 Call options of Nifty and 5800 Put options of Nifty together. Investors can also write 6200 Call options in the October series and can buy 5800 Put options together. Gold is weak and it is likely to remain so. It may find support at $1310 and $1302 levels. It has resistance at $1357 and $1371. Low-level value buying is expected in yellow metal.