Market Outlook 26 November 2009

Nifty (5108)

Nifty Daily chart has formed “Small White Candle” candle stick pattern which suggest uncertainty over bulls and bears. Important posit to note for the bulls here is that Nifty is trading above supply line as well as above “Cup and Handle” breakout line which tells Bull have slightly upper hand in market in near term as long as Nifty trades above 5070 level. Daily RSi is showing some strength where as Stochastic is floating in over bought zone.

Intraday Support:- 5094-5075-5050

Intraday Resistance:- 5125-5140-5158