Nifty market-technical-outlook-dec-17

NIFTY DAILY OUTLOOK

SWASTIKA INTELLIGENCE GROUP 17th December 2013

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MARKET SUMMARY:

The Indian equity benchmark index nifty continues its losing streak for fifth consecutive session as

weak China’s PMI data and accelerated WPI data supported the current weakness. The day was started

on flat not and nifty remain range bound for entire trading session in range of 6180-6140 amid intraday

choppiness; strength in rupee helps nifty to avoid any deeper correction after bad inflation data; at the

end nifty closed at 6155 mark with cut of 0.22%.

CHART FORMATION:

Nifty witnessed breakdown of upsloping trendline support of 6200 mark and closed below this.

Daily Nifty Levels R1: 6180 R2: 6210 R3: 6230

Pivot: 6160 S1: 6140 S2: 6120 S3: 6070

NIFTY DAILY OUTLOOK



Nifty has immediate support in 6150-6120 zone.

On weekly chart nifty witnessed bearish engulfing candlestick formation from upsloping trendline

resistance.

61.8% retracement from low of 5972 to high of 6415 is placed at 6140 mark.

20-day EMA is placed at 6200 mark while 50-day SMA is placed at 6140 mark.

TECHNICAL INDICATORS:

Momentum indicator RSI is negatively poised while stochastic has entered into oversold territory.

CCI has slipped below -100 mark while MACD also witnessed negative crossover.

STRATEGY FOR TRADERS:

Nifty is in correction phase where it is trading near important support zone of 6140-6120; where

traders can go long for positional basis; below 6120 view will be bearish.

NIFTY DAILY OUTLOOK



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Report Prepared by Designation E-mail ID Santosh Meena Derivative & Technical Analyst [email protected]

RESEARCH TEAM SWASTIKA INTELLIGENCE GROUP [email protected]

Santosh Sahu Research Head [email protected]

Amit Khare Commodity Analyst [email protected]

Vishnu Shreekar Commodity Analyst [email protected]

Sonakshi Bahety Research Associate [email protected]

Saloni Gupta Research Associate [email protected]

Nifty market-technical-outlook-dec-17

Economy & Finance

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