Market Outlook 17 December 2009
Nifty (5042)
Nifty Daily chart has formed “Long legged DOJI” and hold one and half month old trend line support. Daily RSI is not giving signal where as Stochastic and MACDh is showing weakness on daily chart. 20 DEMA is now work as strong support which is at 5002 level and intraday double bottom is also at the same level, if this level breaks down then more weakness may persist. Over all Scenario is still murky and capital preservation is more advisable.
Intraday Support:-5015-5002
Intraday Resistance:-5065-5080
Nifty Daily chart has formed “Long legged DOJI” and hold one and half month old trend line support. Daily RSI is not giving signal where as Stochastic and MACDh is showing weakness on daily chart. 20 DEMA is now work as strong support which is at 5002 level and intraday double bottom is also at the same level, if this level breaks down then more weakness may persist. Over all Scenario is still murky and capital preservation is more advisable.
Intraday Support:-5015-5002
Intraday Resistance:-5065-5080
