Market Outlook 24 December 2009
Nifty (5145)
Nifty daily chart has formed “Three Outside UP” bullish candlestick pattern and reliability of this pattern is very high, but still a confirmation in the form of a white candlestick is suggested. Major support formed at 20 days SMA which is placed at 5066 level. Daily Momentum indicators are hovering in bullish zone. If Nifty crosses 5200 level then we may see again bull rally which will long last till 5450-5500 but for that we need minimum two close above 5200 level.
Intraday Support:- 5125-5100-5072
Intraday Resistance:- 5160-5182-5200
Nifty daily chart has formed “Three Outside UP” bullish candlestick pattern and reliability of this pattern is very high, but still a confirmation in the form of a white candlestick is suggested. Major support formed at 20 days SMA which is placed at 5066 level. Daily Momentum indicators are hovering in bullish zone. If Nifty crosses 5200 level then we may see again bull rally which will long last till 5450-5500 but for that we need minimum two close above 5200 level.
Intraday Support:- 5125-5100-5072
Intraday Resistance:- 5160-5182-5200
