19 December 2012

NIFTY OUTLOOK FOR TOMORROW

As we have predicted nifty not only crossed but also sustained above 5900 today. We expect strong market movement and the Nifty is likely to test the supply pressure between 5920 and 5950. If it were to be successful then one can anticipate a test of even 5980. The bulls are starting with a strong advantage and unless in any profit taking the index does not slide down below 5880-mark, we would see strong buying support coming in if the index after opening higher goes down below the 5900-mark on profit booking...
On the way up, beyond 5970 -6000 supply zone, we can expect the market to test . However, we still stick our December target of 6025 and unless that is taken out decisively, we can’t project any higher level.
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RESISTANCE:5940 5980, 6000
SUPPORT      :5900, 5880, 5830

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