Market Outlook 7 December 2009

Nifty (5109)

Nifty Daily chart has formed “Black Spinning Top” candle stick pattern, which technically tells weakness among the bulls and from last three trading days Nifty is forming neutral candles which also suggest bull is getting tired and for fresh rally, Nifty need two close above 5138 level and If Nifty closes above 5200 in Next week then it will make valid breakout for “Cup and Handle Pattern “which sets target of 5450-5500 in short term and for lower side major bear grip is possible only below 4860. Overall scenario still looks murky.

Intraday Support :- 5080-5060

Intraday Resistance :- 5138-5163