Market Outlook 3 December 2009

Nifty (5123)

Nifty daily chart has formed “DOJI” candle stick pattern which suggest uncertainty over bulls and bears. As mentioned yesterday Nifty needs two close above 5138 level to sustain bull run in near term. Nifty Hourly chart is showing weakness. Daily momentum indicator RSI and MACDh showing strength. Over scenario technically looks little bit uncertain unless and until nifty crosses 5138 level comfortably. Avoid spike on either side.

Intraday Support :- 5100-5078

Intraday Resistance :- 5138-5162