At last the breakout has happened at the downside leading the Nifty towards bearish zone. Now let’s looks at the Nifty levels for tomorrow (16-12-2009).
Tomorrow may be another negative opening for Indian Market depending on global cues.
If Nifty opens below 5022 and stay below 5022 then it may touch 5002 and below 5002 Nifty will lead to 4973. Which will work as a first support also. The ultimate support appears at 4942.
4800 will work as strong support for near term.
A recovery may appear at the level 4973. Now we need watch whether it is staying above 5000 or not. If it is so then Nifty will lead to 5022 and 5043 otherwise it will be range bound between 4980 and 5010.
If Nifty opens above 5043 and stay above it then it may test 5064 (Chances are less). Which will work as first resistance also. Ultimate resistance is 5095.
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