Market Outlook 14 December 2009

Nifty (5117)

Nifty Daily chart has formed “Spinning Top’ and Weekly chart has formed “Log legged Doji” this both pattern depicts uncertainty in market and more over detailed study of daily chart suggest Nifty is in box pattern and the range is between 5050 to 5180 , either side break out will give us continuation of trend. Daily momentum indicators are also not giving clear cut direction. On weekly chart “Twizzer Top” at 5182 level and Candlestick study says that twizzer top and twizzer bottom on weekly chart works well as a strong resistance and strong support area.

Intraday Support:- 5100-5085-5060

Intraday Resistance:- 5135-5150-5180