Market Outlook 29 December 2009

Nifty (5178)

Last week Nifty has finally tested important resistance level of 5181 level and weekly chart has formed “Long White Candle” bullish candlestick pattern, which suggests up move is likely to continue. Daily RSI and Stochastic featuring in bullish zone. Strong support formed at 20 Days SMA which is placed at 5075 level. Although undertone is bullish but still fresh long is advisable only above 5200 and two close above this level Nifty sets target of 5450-5500 in short term.

Intraday Support:-5158-5130-5108

Intraday Resistance:-5200-5225-5254