NIFTY OUTLOOK FOR 12/12/12

Nifty 6000 call given in last post almost achieved first target today.

NIFTY OUTLOOK FOR TOMORROW

 Nifty was down 10 points  to 5,898.80, its lowest closing level since 4 December 2012. The index hit a high of 5,965 and a low of 5,865 in intraday trade. As we have predicted nifty opened above 5920 also crossed 5960 but could not sustained this level. It looks as if the index is likely to open above the critical 5900-mark....

However, the important  point is whether it will sustain above 5950 level or not. As it is the range between 5920 and 5950 is most likely to act as a supply zone, crossing it on sustainable basis could well become an issue. Only when you see the Nifty staying above 5960 on good buying support for a couple of hours you can start expecting the supply zone to get cleared finally else the threat of the index coming down again remains.
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RESISTANCE:5940 5960, 6000

SUPPORT      :5890, 5870, 5830