Market Outlook 30 November 2009

Nifty (4942)

On Friday Nifty has once broken 50% Retracement level of previous corrective wave and finally ended above its 38% retracement level which suggest there is strong bull power in market and Daily candle also formed high wave pattern on lower side, implies buying seen on lower side. Hourly chart suggest if Nifty crosses 4975 level then strong uptrend is possible. Daily oscillators are suggesting weakness on the chart. Over all scenarios looks little bit cautious and till the clear signal arrives avoid spike on either side.

Intraday Support:- 4929-4900

Intraday Resistance:-4972-5010