Nifty Road Map 21/09/11

Nifty Future September series :
Nifty Mp5 Nifty Road Map 21/09/11
Perspective : All eyes will be on the FED as it announces it’s decision at 11.45 pm our time.Whilst there is no expectation of a QE3 from the markets, pushing the can down the road like they did at Jackson Hole Last month will not help matters. Expectations are that the FED may announce a swap of shorter term government securities to longer dated ones, the size of which should be in the region of $200-$500 billion.
There is usually a modest drift higher the morning of FOMC meetings, then two or three violent whipsaws immediately after.
The day of the decision has been positive 5 out of 7 times, while the day after was positive only 2 out of the 10.
Back Ground : Bracket between 4910- 5170
Chart Speak :

1) Single prints upto 5080 are big support for the market from the longer time frame
2) Structure above 5130 needs a bit of repair and further auction.