Market Outlook 10 December 2009

Nifty (5112)

Nifty daily chart has formed “Small Black Candle” bearish candlestick pattern. From last six days Nifty is trying to cross one and half month old upper trend line but unable to sustain convincingly. Detailed intraday study of chart suggests that Nifty is making higher low from 5051 level and if momentum need to continue then it should break 5138 and 5155 level. Daily Momentum indicator RSI, Stochastic and MACDh are showing weakness. Over all bias remain positive unless and until Nifty breaks down5050 level.

Intraday Support:- 5090-5065-5050

Intraday Resistance:- 5138-5155-5181