Market Outlook 24 November 2009

Nifty (5103.55)

Nifty Daily chart has formed “White Opening Marubozu” with strong trend line breakout, which suggest there was buying since morning. Finally close above multiple resistance area of 5070-5080. Daily RSI and Stochastic are showing positive sign where as MACDh is still showing some weakness. Strong support formed at 5DEMA with trend line support at 5045- 5051 level. Short tern strong support formed at 4936 level. On western pattern side Nifty daily chart has formed “Cup and Handle“ pattern which sets short term target of 5500 plus but for that Nifty need to close above 5200 level for validity of current breakout on chart.
Intraday Support:- 5087-5063-5052

Intraday Resistance:- 5117-5140-5165