Market Outlook 9 December 2009
Nifty (5148)
Nifty daily chart has formed “Long White candle” bullish candle stick pattern and earlier mentioned 5138 level is crossed which suggest uptrend is likely to continue. Daily RSI and MACDh are giving buy signal where as Stochastic is still giving negative signal. Near term support formed at 5 DEMA which is at 5109 level. Bollinger band study suggests Nifty may test 5200 plus level and in addition Daily RSI is also making higher lows. Over all scenario looks healthy in near term.
Intraday Support: - 5130-5109-5092
Intraday Resistance: - 5165-5185-5200
Nifty daily chart has formed “Long White candle” bullish candle stick pattern and earlier mentioned 5138 level is crossed which suggest uptrend is likely to continue. Daily RSI and MACDh are giving buy signal where as Stochastic is still giving negative signal. Near term support formed at 5 DEMA which is at 5109 level. Bollinger band study suggests Nifty may test 5200 plus level and in addition Daily RSI is also making higher lows. Over all scenario looks healthy in near term.
Intraday Support: - 5130-5109-5092
Intraday Resistance: - 5165-5185-5200
