Market Outlook 8 December 2009

Nifty (5067)

Nifty daily chart has formed “Small Black Candle” bearish candle stick pattern and again given supply line break down. Near term Strong support formed at 5038 level which is at 20 DEMA. As mentioned yesterday as long as nifty below 5138 level near term scenario is murky and major short term strong support formed at 4860. Daily RSI, Stochastic and MACDh are showing weakness.

Intraday Support:-5038-5015

Intraday Resistance:- 5092-5117