Nifty update for 30-12-2009

5200 level appears to be a very strong resistance for Nifty after closing at 5188. if tomorrow Nifty unable to sustain above 5200 then it may come down to 5170. Above 5200 resistance may test 5230 level.

If Nifty opens below 5184 and stay below this level then it may hit 5166 and after that 5150. Nifty has to keep itself above 5150 to retain its bullishness.
Since Around 5.70 lakh shares were added in open interest with increase in the cost of carry, indicating long accumulation. Therefore we may expect upward movement of the Nifty on 30-12-2009 after witnessing minor correction.
Tomorrow may be a choppy trading day due to increase in implied volatility on the option front by around 200-300 basis points. It may be range bound between 5180 to 5200.
Nifty Daily and Hourly charts are given for better analysis for the readers of this blog.