Market Outlook 4 December 2009

Nifty (5132)

Nifty daily chart has formed “DOJI” candle stick pattern in consecutive second day. Again closing above 5138 level seems difficult task after experiencing profit booking on higher level and “DOJI” ended with “High wave” pattern which suggest sustainability on upper level is hard to please. Daily RSI is not giving any signal where as Stochastic is in overbought zone. Strong near term support formed at 20 DEMA at 5027 level.

Intraday Support :- 5105-5087

Intraday Resistance :-5155-5175