Market Outlook 23 November 2009
Nifty (5052)
Nifty Daily Chart has formed “Long White Candle” bullish candle stick pattern with long wave on lower shadow which suggests buying pressure on lower level. After showing one day negative movement of price on 3EMA and 8EMA, again Price is hovering above these two EMAs which is a good sign. Daily RSI is showing strength on chart but Stochastic and MACDh are still on weaker side. Over all scenario on daily chart looks Neutral to Bullish and Strong Support formed at 4936 level which is 62% retracement level of corrective wave. Multiple Resistance zone is at 5070-5080 level.
Weekly chart has formed “Small White candle” candle stick pattern which suggest uncertainty in market but long lower shadow on weekly chart also suggest down side movement on chart is very secluded. Major Support formed at 4830 level and Resistance placed at 5110 level.
Nifty Daily Chart has formed “Long White Candle” bullish candle stick pattern with long wave on lower shadow which suggests buying pressure on lower level. After showing one day negative movement of price on 3EMA and 8EMA, again Price is hovering above these two EMAs which is a good sign. Daily RSI is showing strength on chart but Stochastic and MACDh are still on weaker side. Over all scenario on daily chart looks Neutral to Bullish and Strong Support formed at 4936 level which is 62% retracement level of corrective wave. Multiple Resistance zone is at 5070-5080 level.
Weekly chart has formed “Small White candle” candle stick pattern which suggest uncertainty in market but long lower shadow on weekly chart also suggest down side movement on chart is very secluded. Major Support formed at 4830 level and Resistance placed at 5110 level.
