Nifty spot update for 24/12/2009

As I told yesterday through my twitter at 3.20 P.M. that Nifty will open flat positive tomorrow. It had happened today. Such a big rise was not expected but it was expected that market will be closed above 5015. But statements of PM and FM brings the Nifty at 5144 which is just 38 pts below the 52 weeks high 5182.55.


As per the technical analysis, 15 min intraday chart shows Nifty is at overbought zone breaking its 5 day moving average 5023. Now Nifty will now get strong resistance at 5180 and support 5074 on daily closing basis. Tomorrow Nifty has to close above 5100 to retain its momentum for the next week.

Since US market is showing mixed strength today. It may be expected that tomorrow may be a flat opening day. If it stays above 5159 after opening then it may hit 5190 else it may come down to 5130 and then 5100. If staying above 5190 then second resistance comes at 5230.

If stay below 5130 after opening the fist target is 5100 and then second target is 5060.

Nifty Pullback and Recovery point may be 5190 and 5100. Nifty may be range bound between 5160 and 5130. Whatever the opening but closing expected to be negative but above 5100.

Above Nifty intraday 15 min chart is showing negetive harmonic pattern with overbought zone.

Please comment on my post.

Best of luck.