Market Outlook 18 December 2009

Nifty (5042)

Again second day Nifty daily chart has formed “DOJI’ which suggest uncertainty over bulls and bears in market. Technically scenario looks still murky in near term. Strong support formed at 50 Days Simple Moving Average at 5002 which Nifty is holding since last two days and again holding one and half month old trend line support. Capital preservation is more advisable.

Intraday Support:-5030-5013-5002

Intraday Resistance:-5065-5080-5100