Market Outlook 31 December 2009

Nifty (5169)

As said yesterday Nifty has shown weakness and formed “Small Black Candle” bearish candlestick pattern. Daily RSI and Stochastic is exhibiting negative divergence in over bought zone. Strong intraday support formed at 5DEMA which is placed 5139 level, Short term support placed at 20 DEMA which is at 5083 level. Technically scenario looks again murky and selling is available at every higher level in range of 5180-5190. For strong up move Nifty need at least two close above 5200 level.

Intraday Support:-5155-5139-5125

Intraday Resistance:-5185-5195-5215