Market Outlook 16 December 2009
Nifty (5033)
Nifty daily chart has formed “Long Black Candle” bearish candlestick pattern and finally broken strong support of 5050 level. Minor support formed at 5010 level at one and half month old trend line. Daily Momentum indicators are turned weak now, moreover weekly RSI has also given negative cross over. Intraday 30 Minutes chart has formed “Hammer” bullish candlestick pattern and RSI & Stochastic is hovering in over sold zone which may lead some pull back in market but over all scenario is now weak.
Intraday Support:-5010-4982
Intraday Resistance:- 5060-5080
Nifty daily chart has formed “Long Black Candle” bearish candlestick pattern and finally broken strong support of 5050 level. Minor support formed at 5010 level at one and half month old trend line. Daily Momentum indicators are turned weak now, moreover weekly RSI has also given negative cross over. Intraday 30 Minutes chart has formed “Hammer” bullish candlestick pattern and RSI & Stochastic is hovering in over sold zone which may lead some pull back in market but over all scenario is now weak.
Intraday Support:-5010-4982
Intraday Resistance:- 5060-5080
