24 December 2012

NIFTY OUTLOOK FOR 26 DEC 2012

Buy Nifty future above 5875 tg 5900,5925,5950 sl 5850
NIFTY OUTLOOK FOR TOMORROW
The end-of day chart of the Nifty shows considerable weakness and we could witness  further downfall. The index has fallen below the critical level of 5860 on closing price basis. It looks well set for negotiating fresh selling pressure once the bulls failed to take it beyond the most significant supply zone  for the day, between 5870 and 5885....
Unless the Nifty quickly recovers, to levels above the 5885-mark, it is likely to see lower support levels of 5820 through 5800.So long as the 5800-mark is held by the bulls, there would not be much problems to stage a bounce back  however, any serious fall below 5756 in the current downswing could prove to be quite damaging. It might lead to the corrective swing continuing for longer time period and price amplitude.

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RESISTANCE:5880 5850, 5820
SUPPORT      :5800, 5780, 5750

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