Market Outlook 27 November 2009
Nifty (5006)
Nifty daily chart has formed “Bearish Engulf” bearish candle stick pattern. After looking at yesterday’s sell of Nifty has formed strong support at 50 DSMA which is at 4968 level and Second Major support at 4936 level which is a 62% Retracement level of previous corrective wave. Major Resistance placed at “Cup and Handle” pattern line of 5085 level and which is desirable for bull to cross and further tighten up its grip on market. One more point to note here is that Nifty is below its trend line support area of 5020 level. Over all scenario looks little bit cloudy it is better to trade less and capital preservation is more advisable.
Intraday Support:-4985-4968
